Corn: 1 to 2 cents lower
Soybeans: 3 to 5 cents lower
Corn and soybeans were weaker overnight, while wheat futures ended mixed with winter wheat contracts mildy firmer and spring wheat slightly lower. Similar price action is expected on the open this morning.
Soybean futures are vulnerable to profit-taking given favorable weather in Brazil and forecasts calling for rain chances in areas of Argentina late this week. However, dry weather is expected to return to Argentina next week.
Corn and winter wheat futures must hold contract-low support to avoid a fresh wave of chart-based selling.
Cattle and hog futures are expected to open higher on followthrough buying after strong closes Monday. Technically, both markets are signaling short-term lows are in place. But it wouldn't be surprising to see profit-taking creep into either market if initial buyer interest is limited, as boxed beef and pork product prices were weaker Monday and product movement was light. Plus, front-month live cattle and lean hog futures are trading at slight premiums to their respective cash markets.