Corn futures are called steady to mixed. Overnight trade was 3/4 of a cent higher to 1 cent lower. After an early rally attempt early on Monday, speculative and technical selling pushed prices slightly lower. We look for some choppy trade today with some further selling possible in the near-term. Harvest progress is right on the 5-year average at 90%, although delays in the eastern Corn Belt are expected to drag on.



Soybean futures are called 2 to 3 cents higher. Overnight trade was 1 1/2 cents lower to 3 1/4 cents higher. The corn to soybean ratio favors corn and we could see a small correction in that this morning. However, buying interest is expected to be limited by the bearish supply fundamentals. NOPA crush to be reported this morning could provide some direction with pre-report trade estimates averaging around 155 million bushels.



Wheat futures are called 3 to 5 cents lower. Overnight CBOT trade was steady to 7 1/2 cents lower and the KCBT was 2 1/4 to 3 cents lower. Sluggish demand for U.S. wheat and the lack of spillover support from corn are expected to weigh on futures. Winter wheat planting progress is right on average at 96% complete. Nationally, crop conditions were relatively stable last week. However, conditions in the Plains are on the dry side and in the eastern crop belt conditions are too wet and cool.



Cattle futures are called steady to mixed. Trade activity is expected to be light and choppy with cash trade not expected until later in the week and traders looking ahead to the Cattle on Feed report due out Friday. Showlists are said to be bigger this week, but aggressive slaughter schedules could force packers to keep bids steady this week.



Lean hog futures are called steady to mixed. Cash fundamentals remain weak and cash bids are expected to be lower again today as packers are slowing slaughter. However, we would expect to see some short-covering in the futures market following recent losses.