Corn futures are called mixed. Overnight trade was steady to 1/4 cent higher in the most active months, but was as much as 4 3/4 cents lower in deferred contracts. Heavy fund selling pushed prices to new contract lows on Monday. However, prices closed above the lows for the day and we look for some consolidation today. Seasonal pressure is likely to persist into September given the favorable crop weather. Crop condition ratings were stable last week, holding at 57% good to excellent.



Soybean futures are called mixed. Overnight trade was 1/4 of a cent lower to 1/2 higher. The market held support yesterday and ended higher on a bounce from technically oversold conditions. However, favorable weather across the Midwest and improved crop condition ratings will limit buying interest. Good to excellent crop ratings improved to 56% last week, up 3% from the previous week and 5% above this time last year.



Wheat futures are called 2 to 3 cents higher. Overnight CBOT trade was 1/4 to 1 1/4 cents higher and the KCBT was 2 to 4 1/4 cents higher. The KCBT is expected to bounce off of yesterday's heavy long liquidation losses that have pushed futures to oversold levels. Weekend rain in the Plains was beneficial, but more is needed ahead of HRW seeding. Spring wheat harvest was 69% complete as of Sunday, meaning that harvest pressure will be limited at the MGE.



Cattle futures are called steady to mixed. The cash market is expected to be firm again this week as showlists are smaller and beef prices continue to climb. Boxed beef prices were $1.71 to $1.94 higher on Monday. However, futures are called mixed as profit-taking from the recent runup counters the bullish cash fundamentals.



Lean hog futures are called steady to mixed. Margins remain poor, but packers are expected to hold bids mostly today. Futures are trading at a discount to cash as October is now the nearby, but buying interest is expected to be limited as futures consolidate after recently setting new highs.