Corn futures are called 1 to 2 cents lower. Overnight trade was 1 to 2 1/4 cents lower. Light speculative selling is expected to weigh on prices again today. With the funds heavily long futures, the market remains wary of some liquidation. However, losses should be limited by fundamental support on setbacks and positive technical charts patterns.



Soybean futures are called 1 to 3 cents lower. Overnight trade was 1 to 2 3/4 cents lower. The soybean market is expected to drift lower with corn. Soybean oil is expected to open lower as well following the weakness in crude oil on Monday. Fundamentals remain bearish for the current crop year, but losses will be limited in the new-crop on concern that soybeans will lose too many acres to corn.



Wheat futures are called mixed to mostly lower. Overnight CBOT trade was 3/4 of a cent higher to 2 cents lower and the KCBT was 1/4 to 1 3/4 cents lower. Calls for lower corn prices are expected to limit buying interest in wheat. Despite some export business with Egypt, prices were lower on Monday. Speculative long liquidation continues to overshadow other market factors.



Cattle futures are called steady to mixed. Although beef prices continue to decline, packers boosted the slaughter pace last week suggesting that demand is improving. Showlists are generally smaller in the South, which should help cash trade hold steady or improve this week.



Lean hog futures are called steady to mixed. Cash markets are called steady to firm and pork cutouts were up 68 cents on Monday. However, futures are overbought and packers may try to push cash bids lower later this week as temperatures moderate and marketings pick up.