Corn: The USDA reports due out this morning at 7:30 am CT will influence the opening calls - check back around 8 am for opening calls. The average of trade estimates for USDA's crop production estimate is 11.98 billion bushels, down 38 million bushels from the November estimate. The average of trade estimates for December 1 grain stocks is 9.85 billion bushels. Corn ending stocks are expected to be raised slightly to 1.499 billion bushels from the 1.474 billion last month. Even if the corn figures are somewhat negative, corn could garner support from if the soybean estimates are bullish for the U.S. and/or South America. Overnight trade was 1 1/4 to 2 1/4 cents lower in most active months.



Soybeans: Check back around 8 am CT for opening calls as USDA will release several reports at 7:30 am. The average analyst estimate for 2008 soybean production is 2.910 billion bushels, quarterly stocks 2.181 billion bushels, and USDA is expected to lower its forecast of ending stocks to 186 million bushels from 205 million last month. In addition, dry weather may cause USDA to trim the South American soybean production estimates. Overnight trade was 2 1/2 to 4 cents higher in most active months.



Wheat: USDA will release winter wheat acreage, quarterly stocks and supply/demand reports this morning. The average trade estimate for wheat ending stocks is 608 million bushels compared to 623 million last month. However, trader attention has largely shifted to the 2009 outlook for acreage and yields. The market is looking for winter wheat seedings to be around 44.3 million acres compared to 46.2 million last year. Check back around 8 am for opening calls. Overnight CBOT trade was 7 to 8 1/4 cents lower and the KCBT was 7 1/2 cents lower.



Cattle: The futures market is expected to open steady to higher. Expectations for firm cash trade this week and the jump in beef prices on Friday will be supportive. Choice cutouts were $1.73 higher. Cold temperatures are forecast for the Plains this week, which will slow rate of gains. In addition, short-covering from the losses last week are expected to be supportive.



Lean Hogs: Futures are called steady to mixed. Cash prices have been moving mostly higher and pork cutouts improved last week despite the 27 cents drop on Friday. Hog supplies are expected to begin to tighten over the next couple of months. However, gains will be limited by futures sizable premium to the cash market.