Corn futures are called steady to 1 cent higher. Overnight trade was 1/4 cent lower to 1 1/2 cents higher. The market's momentum remains higher. Harvest progress as of Sunday was 54% complete, 4% below the 5-year average. While harvest is lagging, this isn't a key factor behind the corn market's recent strength. The outlook for strong demand continues to provide the market support.



Soybean futures are called steady to 1 cent higher following overnight trade that ended that way. Speculative buying interest continues to drive prices higher. Technically the market is strong after pushing through resistance on Monday. However, futures are overbought and could be set up for some profit-taking soon. Harvest progress was slow last week, but at 76% complete as of Sunday is only 2% below the 5-year average.



Wheat futures are called steady to mixed. Overnight CBOT trade was 1 to 1 3/4 cents lower while the KCBT was 1 1/4 to 2 1/2 cents higher. Some consolidation trade is expected following yesterday's rally. The market continues to find good buying interest on any setback. Demand for U.S. wheat remains sluggish, but speculative buying continues to be driven by tightening global wheat stocks.



Cattle futures are called steady to higher. Follow through buying from yesterday's rally and improved cash fundamentals this week will be supportive. The December contract pushed above technical resistance on Monday. Cash bids are expected to be firm this week. Beef prices were higher on Monday with Choice cuts up $1.12 and showlists are smaller.



Lean hog futures are called steady to mixed. Futures discount to cash and spillover support from cattle will be bullish factors this morning. However, cash markets are called lower as packers deal with the recent weakness in cutouts and yesterday 41 cent drop. With ample supplies of market ready hogs, packers have been able to fulfill large slaughter schedules with lower bids.