Corn futures are called 3 to 4 cents lower. Overnight trade was 1 to 4 cents lower. Profit-taking is expected to weigh on futures following the strong gains on Monday. Crude oil was also lower overnight. Weather remains a mixed market factor. Rain in parts of the western Corn Belt is beneficial for the crop while rain in the eastern Corn Belt will further slow planting progress and could push some acreage to other crops. USDA pegged planting progress at 93%, down from the 5-year average of 97%. However, crop conditions were pegged at 70% good to excellent, which is above expectations and average.



Soybeans are called 3 to 4 cents lower. Overnight trade was 2 to 4 3/4 cents lower. Some light profit-taking is expected on the open after the spot month rallied to an eight month high on Monday. However, losses are expected to be limited by tight stocks of soybeans and continued export demand. There is also concern about some acreage in the eastern Corn Belt switching from corn to soybeans. USDA pegged soybean planting progress at 66% compared to the 5-year average of 79%. Illinois is the biggest problem spot with only 34% of the crop planted as of Sunday compared to the 5-year average of 82%.



Wheat futures are called 7 to 9 cents lower. Overnight CBOT trade was 2 to 8 1/2 cents lower and the KCBT was 9 cents lower. The market is expected to setback today from the strong gains on Monday. Fundamentally, export demand remains sluggish and world wheat stocks are large. Spring wheat condition ratings are starting out strong at 73% good to excellent. However, losses will be limited by further weakness in the dollar overnight. Winter wheat crop conditions held at 45% good to excellent last week, although 1% moved from good to excellent. Spring wheat planting progress improved to 89% complete, which is still down 9% from the 5-year average.



Cattle futures are called steady to mixed. The discount of the June contract to the cash market and futures approaching technically oversold levels could provide some support. However, boxed beef prices continue to decline with choice cutouts down 91 cents. On the other hand, the dollar index continues to decline with is beneficial for the export market.



Lean hog futures are called steady to lower. Pork cutout values were down $1.34 on Monday as packers are having a hard timing moving pork. Expected weakness in the cash markets and futures premium to cash will be bearish for front end contracts. Some profit-taking is likely in the deferreds as well. Strength in corn yesterday was supportive for deferreds, but corn is expected to open lower this morning.