Corn futures are called 4 to 5 cents lower. Overnight trade at 6:45 am CT was 4 1/2 to 4 3/4 cents lower. With little fresh fundamentals news, the market is being pressured by outside markets and profit-taking from the gains on Friday. The dollar is higher overnight while Dow Jones futures are lower. Losses will be limited by hot and dry weather in Argentina that is lower crop production prospects.

Soybean futures are called 2 to 3 cents lower. Overnight trade at 6:45 am CT was 1 3/4 to 2 1/2 cents lower. Outside market pressure and some profit-taking from the strength on Friday are weighing on the market. However, losses are expected to be limited by strong export demand and unfavorable hot and dry weather in Argentina which threatens to lower soybean production. USDA will release a weekly export inspections report at 10 am CT.

Wheat futures are called 9 to 10 cents higher. Overnight trade at 6:45 am CT was 9 to 9 1/4 cents higher at the CBOT, 10 cents higher at the KCBT and 10 3/4 cents higher the MGE. Dry weather in the western Plains that is hurting HRW wheat condition ratings and heavy rainfall in eastern Australia that is damaging wheat quality are supporting trade. Further gains are being limited by strength in the dollar.

Cattle futures are called steady to higher. The cash market has been moving higher and some recent strength in beef prices and relatively tight supplies of market ready cattle have raised expectations for cash bids this week. However, gains could be limited by tightened packer margins and concern that beef demand will be slow seasonally through the end of the year.

Lean hog futures are called steady to lower. Pork cutouts fell 77 cents on Friday and packers will likely have steady to lower cash bids today. High pork production and concern about slow pork demand once holiday ham buying is complete are bearish factors.

Cotton futures are strongly lower this morning. After trading up the limit the last three trading sessions, profit-taking and outside market pressure is weighing on futures trade. The dollar is higher while Dow Jones futures are lower overnight. At 6:30 am CT, March cotton is 294 points lower at 129.40 cents and May is 278 cents lower at 124.72 cents.