Corn futures are called steady to mixed. Overnight trade was 1/2 of a cent lower to 1/2 higher. The market is consolidating in a narrow range. Rally attempts are being limited by ideas that favorable August production has helped boost production and by the approaching harvest. We are quickly approaching the point where additional moisture is seen as slowing harvest rather than aiding the crop.



Soybean futures are called steady to 1 cent higher. Overnight trade was 1/4 to 1 cent higher. A small technical rebound is possible on the open after slipping to new contract lows in many contracts yesterday. However, the trend is likely to remain lower as large carryover stocks and increasing production estimates are bearish factors. Crop condition ratings improved to 59% good to excellent, up 1% from last week.



Wheat futures are called 1 to 3 cents higher. Overnight CBOT trade was 1/4 to 1 cent higher in most active contracts and the KCBT was 2 1/2 to 3 1/2 higher. Short-covering is expected to support the CBOT again this morning. Bullish global fundamentals are expected to support the KCBT even though recent rainfall has benefited soil moisture levels in the hard red winter wheat belt. Spring wheat harvest pressure has faded with 90% of the crop harvested.



Cattle futures are called steady to higher. Cash fundamentals look favorable again for this week. Showlists are reportedly smaller than a week-ago and boxed beef prices turned higher yesterday, posting gains of $1.52 to $1.91. However, gains are expected to be limited as traders pause from recent gains with some profit-taking possible.



Lean hog futures are called steady to mixed. Futures continued higher yesterday despite weakness in the cash market. The October contract is still well below the settlement index, but it is unlikely that futures can hold up if cash prices continue lower. Cash markets are called steady to $1 lower today.