Corn futures are expected to open 4 to 5 cents lower Tuesday after a similar setback in overnight trade. The December contract was 5 cents lower during overnight electronic trading to $3.24 1/2. Harvest progress was higher than expected at 68% vs. 53% a week ago and 71% for the five-year average. Harvest is lagging in the eastern Corn Belt along with Nebraska. Chart resistance near $3.35 December futures continues to hold.



Soybean futures are called 5 to 6 cents lower. January futures were 5 3/4 cents lower in the overnight trade session. Deliveries against November futures were at the high end of expectations at 1,861 contracts. Harvest progress increased 7 points from a week ago to 83%, down only slightly from the five-year average. Mostly open weather over the next week should allow harvest to progress normally.



Wheat futures are expected to open 5 to 7 cents lower. The Chicago December contract was down 6 cents in overnight trading to $4.95 while Kansas City December fell 5 cents. Winter wheat planting moved to 91% complete in line with the five-year average. Reports indicate Australia may import feed due to extreme drought conditions that have slashed wheat and feedgrain production.



Cattle futures are called steady to slightly lower. Expectations for firm cash trade later this week is seen as supportive along with stronger beef prices Monday. The choice cut- out rose 1.30 to 147.77. However, a futures weak close and negative technical action could pressure futures early. A pullback in corn prices could prompt a corrective rally in feeders.



Lean hog futures are called steady to higher Tuesday morning. Monday's slaughter is estimated at a record 429,000 head, but packers are expected to remain aggressive buyers although the cut-out fell $1.18 Monday to $66.18. December futures are poised to challenge the early September high at $65.60. Overbought technical conditions may limit near-term follow-through.