Corn futures are called 5 to 6 cents lower. Overnight trade was 4 1/2 to 6 1/4 cents lower. Outside markets are expected to weigh on corn futures. Further weakness is expected in the stock market this morning and crude oil was down strongly overnight. Traders will also be gearing up for the Supply/Demand report due out on Thursday morning. Corn ending stocks are expected to be trimmed slightly from the 1.74 billion bushel estimate last month.



Soybean futures are expected to open mixed. Old-crop was 1 1/4 to 2 1/2 cents higher and the new November contract was 1/4 of a cent lower. Old-crop months will find support in strong export demand amid reports that China is looking for more soybeans and ideas that USDA will cut old-crop ending stock estimates on Thursday morning. However, new-crop is expected to open steady to lower on pressure from outside financial markets.



Wheat futures are called 3 to 4 cents lower. Overnight CBOT trade was 4 cents lower and the KCBT was 2 3/4 to 3 cents lower. The market will be pressured by forecasts for rainfall in the southwestern Plains and weakness in outside financial markets. The dollar was stronger overnight and the stock market is expected to open strongly lower again this morning. Losses should be limited by concern about possible freeze damage to the winter wheat crop in the southern Plains and positioning ahead of the Supply/Demand report. Traders are expecting ending stocks to be trimmed to 697 million bushels, down 15 million from last month.



Cattle futures are called mixed on the open. Traders will be waiting for cash trade for direction. Cash trade is expected to be steady to firm with last week, when cattle trade mostly at $85. Strengthening beef prices will help support prices. Cutouts were up 64 to 68 cents higher. However, gains will be limited by the expected weakness in the stock market this morning.



Lean hog futures are called steady to mixed. Packer margins remains poor and cash prices continue to slide this week, but the $1.39 jump in pork cutouts yesterday will provide some support. Expected improvement in pork demand and tight hog supplies remain supportive factors, but weakness in the outside financial markets will limit gains and could push some contracts lower.