Corn futures are called 14 to 15 cents lower. Overnight trade was 14 1/4 to 14 3/4 cents lower. Outside markets and commodities are expected to be pressured by the panic reaction to the outbreak of swine flu in North America and some spots around the globe. Dow Jones futures and crude oil prices were down strongly overnight. USDA will report planting progress this afternoon and they are expected to show good progress last week given the generally favorable weather. However, rain in the western Corn Belt this weekend and rain moving through the central and eastern Midwest early this week will stall planting much of this week.



Soybean futures are called sharply lower on the open. Overnight trade was 44 3/4 to 46 1/4 cents lower. Concern that the spreading swine flu virus in North America and worldwide will hurt global meat consumption and thus demand for feed weighed heavily on commodities overnight. Outside markets were also spooked by the news with strong losses in Dow Jones futures and crude oil overnight. Weakness in Asian stock markets and Malaysian palm oil prices will also be a bearish weight on the market.



Wheat futures are called 13 to 15 cents lower. Overnight CBOT trade was 13 1/2 to 14 3/4 cents lower and the KCBT was 13 to 14 3/4 cents lower. Weakness in other grains and outside markets will weigh on wheat futures. The swine flu outbreak spooked markets overnight. However, losses in wheat could be limited by continued spring wheat planting delays in the northern Plains. Export inspections to be reported this morning are expected to be ahead of the 12 million bushel pace needed to reach USDA's 980 million bushel forecast.



Cattle futures are called steady to lower on spillover pressure from hogs as U.S. and global financial markets were spooked overnight by the spreading swine flu. Cash trade was only steady in most markets last week at $88, down from early week ideas of $1-$2 higher trade. Boxed beef prices fell on Friday, with choice cuts down $1.49 and select cutouts down 99 cents.



Lean hog futures are called sharply lower on the open. Panic selling is expected amid the news of spreading swine flu even though the virus is not passed by food. Russia already temporarily halted pork imports from Mexico and several states in the U.S. Pork cutouts were down 50 cents on Friday and cash prices were lower, but if we can move past the swine flu news futures could find some support from tight hog supplies and ideas of improved seasonal demand that should support the cash market.