Corn futures are called 1 cent higher. Overnight trade was 1/2 to 1 1/4 cents higher. The market remains technically oversold after posting new contract lows again on Friday. Prices are due for a bounce over the next couple of days, but the trend is likely to be lower into September. Fund long liquidation and favorable crop weather are bearish factors.



Soybean futures are called steady to mixed. Overnight trade was steady to 1/2 of a cent lower. Technically the market is oversold and due for a bounce, but favorable August weather and growing conditions are expected to limit buying interest. Traders will be looking for USDA to raise crop condition ratings this afternoon.



Wheat futures are called 2 to 4 cents higher. Overnight CBOT trade was 2 to 4 3/4 cents higher and KCBT was 2 1/2 to 3 1/4 cents higher. The bullish reversal on Friday is expected to support futures this morning. While Friday's low is expected to provide near-term support, rally attempts will be limited by sluggish export demand for this time of year.



Cattle futures are called steady to mixed. Cash trade last week was near expectations at steady to $1 higher on Friday. However, there is concern about declining beef prices as Choice cutouts were down $1.73. The Cattle on Feed report was in line with market expectations despite the large July placements and growing cattle inventory. The report should have no significant impact on the futures market today.



Lean hog futures are called steady to firm. Bullish momentum after rallying to new contract highs last week and calls for steady to higher cash trade will be supportive. Pork demand is good with cutout values generally keeping pace with the gains in cash hog bids.