Corn futures are called 5 cents lower. Overnight trade was 5 1/4 to 5 1/2 cents lower in most active months. Weakness in outside markets is expected to weigh on corn futures. Dow Jones futures were down strongly overnight following weakness in Asian and European stock markets. Crude oil posted big losses overnight as well while the dollar index was higher. Otherwise, trade may be limited today on positioning ahead of the Prospective Plantings and Quarterly Stock reports.



Soybean futures are called 10 to 12 cents lower. Overnight trade was 10 to 12 1/2 cents lower. The losses in the outside markets are expected to pressure soybean futures trade this morning. Further stock market weakness is expected this morning and losses in crude oil overnight will pressure prices. Traders will also be gearing up for the USDA reports due out on Tuesday morning. The market is looking for a big increase in March 1 planting intentions.



Wheat futures are called 1 to 2 cents lower. Overnight CBOT trade was 2 1/4 to 2 1/2 cents lower while the KCBT was 1/4 to 1/2 of a cent higher. Spillover weakness from corn and soybeans as well as outside markets is expected to weigh on wheat futures. But weather remains a big factor for the wheat markets. Widespread precipitation was seen on Friday and Saturday in the central Plains, bringing some relief from dryness in southern Kansas, northern Oklahoma and the Texas Panhandle. On the other hand, wet conditions and flooding in the northern Plains remains a concern for the spring wheat crop.



Cattle futures are called steady to mixed. Cash trade was generally steady last week. Prospects for cash business are mixed this week as beef prices continue to decline although market ready supplies continue to tighten. Expected weakness in the stock market will limit buying as a struggling economy will likely keep demand for beef slow.



Lean hog futures are called steady to mixed. Poor packer margins and weakness in outside financial markets will limit any strength. The Quarterly Hogs and Pigs report was released Friday afternoon. The data showed that hog numbers and pork production will be down throughout 2009. But the cut in hog inventories was about in line with what analysts had expected and should have little market impact.