Corn futures are called 2 to 3 cents lower. Overnight trade was 1 3/4 to 3 cents lower. We look for some profit-taking today as the soybean rally is expected to stall as well. Export interest has been good recently and the dollar has weakened, but technical resistance just above the market will be a barrier.

Soybean futures are called 3 to 4 cents lower. Overnight trade was 4 to 4 1/4 cents lower. After the sharp rally the past two weeks, we look for some consolidation trade this morning. But losses are likely to be limited by continued hot and dry forecasts for southern Brazil and Argentina.

Wheat futures are called 3 to 4 cents lower. Overnight trade was 3 1/4 to 4 3/4 cents lower. The recent rally has been driven by speculative buying and spillover from soybeans despite rather bearish fundamentals. We look for some profit-taking this morning to weigh on prices.

Cattle futures are expected to open steady to higher. Smaller showlists and firm beef prices may help slow the decline in cash markets. Boxed beef prices were $0.63 to $1.79 higher yesterday. Of course, the Canadian border issue will take front stage over the next few days.

Lean hog futures are called steady to higher. Cash markets are expected to stabilize as cutouts moved higher for the second day on Monday at up 64 cents. April may be limited by liquidation and the premium to cash, but summer months are technically strong with August hitting a new contract high yesterday.