Corn futures are called steady to 1 cent higher. Overnight trade was 1/4 to 1 cent higher. Trading volume is expected to be light this week, but that could bring about volatile trade. Fund buying has fueled the recent rally, but with their position moving from heavily short to neutral that could slow.



Soybean futures are called 2 to 4 cents lower. Overnight trade was 2 to 6 1/4 cents lower. Resistance levels held on Friday, which could cause some light selling pressure this morning. Futures have become technically overbought so we could see some profit-taking this morning.



Wheat futures are called mixed. Overnight CBOT trade was 1/2 of a cent higher to 1 1/2 cents lower. Choppy trade is expected in light holiday trade. The heavily short position by the funds at the CBOT has been reduced, but they are still short. Fundamental support at the KCBT will continue to come from the poor crop conditions in the southern Plains.



Cattle futures are called lower on the open. Bearish Cattle on Feed numbers and concern that the cash market will slip this week are expected to pressure futures. Larger than expected November placements at 17% above year-ago will weigh on deferreds.



Lean hog futures are called mixed on the open. Light trade volume is between Christmas and New Years and traders will also be waiting for the Hogs and Pigs report due out on Wednesday. Cash market activity is expected to be light with mostly steady bids.