Corn futures are 3 to 4 cents lower at mid-morning Tuesday. December futures are 4 cents lower at $3.25 1/2. Farmer selling interest has picked up with cash prices clearing the $3.00 mark in central IL. Technically, prices are very overbought. 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 and in NE. Chart resistance near $3.35 December futures remains intact.



Soybean futures are 4 to 6 cents lower. November futures are 5 3/4 cents lower at $6.34. January is also down 5 3/4 cents at $6.47 1/2. 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 favor good harvest progress in the east and north.



Wheat futures are 4 to 12 cents lower. The Chicago December contract is down 10 cents to $4.91 while Kansas City December is 5 1/2 cents lower to $5.19. Minneapolis December is trading 4 1/2 cents lower at $5.01. Winter wheat planting moved to 91% complete in line with the five-year average. Crop condition ratings improved three points from a week ago to 60% good to excellent.



Cattle futures are 30 to 65 points lower on technical and speculative based selling and on follow-through from Monday's weak close. December cattle futures are down 62 points to $88.02. Cash trade is not expected until late this week. Stronger beef prices Monday is seen as supportive factor. The choice cutout rose 1.30 to 147.77. A pullback in corn prices has helped stabilize feeder cattle prices.



Lean hog futures are .85 to .90 lower with cash trade steady to $1.00 higher. Monday's slaughter is estimated at a record 429,000 head, up from 400,000 a year ago. The estimate for Tuesday is 420,000 to 425,00. Packers remain fairly aggressive buyers even though cutout fell $1.18 Monday to $66.18. Overbought technical conditions appear to be contributing to weakness in futures. December futures are down .85 at $64.40.