Corn futures are called steady to mixed. Overnight trade was 1/4 of a cent higher to 1/2 lower. The market is expected to consolidate Friday's gains this morning. The Prospective Plantings report showed corn acreage down sharply from last year. However, gains will be limited by large old-crop stocks and ideas that the recent jump in corn prices and drop in soybeans could shift some area back toward corn.



Soybean futures are called 1 cent lower. Overnight trade was 1/2 to 3/4 of a cent lower. Fundamentals remain bearish, but the market could take a breathier on the open. Volatile trade is likely in the upcoming weeks. Bearish factors include the large planting intentions numbers and the current harvest of a record large South American crop.



Wheat futures are called 2 to 3 cents lower. Overnight CBOT trade was 1 3/4 to 3 cents lower. Sluggish export demand and recent rainfall in the Plains are expected to weigh on winter wheat markets. However, losses should be limited ahead of the crop conditions report that is expected to show about one-third of the wheat crop in poor to very poor condition. Futures at the MGE should find support from a lower than expected spring planting intentions number.



Cattle futures are called steady to lower. The market continued to slide last week, falling to new contract lows. Spillover selling and bearish fundamentals are expected to keep the market on the defensive. However, deeply oversold technicals could encourage a short-covering bounce at anytime.



Lean hog futures are called higher on the open. Weakness ahead of the Hogs and Pigs report and indications that declining prices over the last few months have had a negative impact on hog herd expansion plans will be supportive. Cash markets are called steady to firm despite the 32 cent drop in pork cutouts on Friday.