Corn futures are called steady to 1 cent lower. Overnight trade ended 1/2 to 3/4 of a cent higher. Trade activity is expected to remain light ahead of the Supply/Demand report due out on Wednesday. Sluggish export demand and ideas of bearish numbers from the USDA this week will limit gains.



Soybean futures are called steady to 1 cent higher. Overnight trade was 1/4 of a cent lower to 1 1/2 higher. Futures dipped to new lows on Friday in light volume. The market is technically weak and fundamentals are negative given the large U.S. stocks and big crop in South America. However, funds are heavily short and selling interest should be limited.



Wheat futures are called steady to 1 cent higher. Overnight trade was 1/2 to 1 1/2 cents higher. In light volume, futures fell to new lows in some contracts Friday. We look for light technical buying on the open. However, the tough export market will make it hard to rally with the competition from Argentine wheat and EU export subsidies.



Cattle futures are called steady to higher. Cash trade was firm last week and boxed beef prices ended 6 to 77 cents higher on Friday. However gains will be limited by uncertainty about the Canadian border and recent comments from the Sec. of Ag indicating it will reopen on March 7.



Lean hog futures are called steady to lower. Cash markets continue to erode as packers continue to work to regain margin. Cutouts were 55 cents on Friday, but were lower for the week. Further gains in cutouts will likely be needed for cash and futures markets to stabilize.