Corn futures are called steady to 1 cent higher. Overnight trade was steady to 3/4 of a cent higher. The market is expected to open firm on strong export demand and tight global corn stock projections for this marketing year. U.S. sales are expected to benefit from concern that China will default on some export commitments and that Argentina has halted granting export licenses for now.



Soybean futures are called 2 to 4 cents higher. Overnight trade was 2 1/4 to 4 1/4 cents higher. Despite generally bearish fundamentals, soybeans are called higher on technical strength and the need to keep up with corn as planting decisions for next spring are made. Strength in vegetable oil markets will also help support the soy complex.



Wheat futures are called 1 to 2 cents higher. Overnight CBOT trade was 1/4 cent lower to 1 1/4 higher and the KCBT was 1 to 2 1/2 cents higher. Traders were quick to take profits on yesterday's rally that was aided by strength in corn. Declining winter wheat crop conditions and dry forecasts for the Plains will provide some underlying support. Winter wheat conditions ratings slipped to 57% good to excellent, down 2% from last week. Ratings in Kansas slipped to 55% good to excellent from 59% the previous week.



Cattle futures are called steady to mixed. Cash trade is expected to be steady to $1 higher this week as showlists are smaller. While boxed beef prices seem to have stabilized, they have failed to strengthen as expected. The volatile corn market could also provide direction today.



Lean hog futures are called higher on the open. Cash markets are expected to be firm again today as packers will benefit from recent strength in cutouts. Pork cutouts were 99 cents higher on Monday. Strength is expected to be limited by futures premium to the lean hog index.