Corn futures are called 2 to 3 cents lower. Overnight trade at 6:45 am CT was 2 1/4 to 2 1/2 cents lower. Follow-through selling is weighing lightly on the market, but a rebound in the stock market and the decline in crop condition ratings could help push prices higher today. Dow Jones futures were higher overnight, recovering some of the recent sharp losses. Crop condition ratings fell 2 points last week to 60% good to excellent, which is now slightly below the 10-year average. But cooler temperatures and some rain over the next week or two should help condition ratings stabilize. Soybean futures are called 2 to 3 cents lower. Overnight trade at 6:45 am CT was 2 1/4 to 3 1/4 cents lower. The market has drifted to the low end of its trading range amid outside market pressure from the stock market and global economic concerns. Crop condition ratings improved 1 point last week to 61% good to excellent and are slightly above the ten-year average of 59%. Cooler weather in the Midwest this week and some chances of rain should benefit the crop some more. Losses are being limited by an expected rebound in the stock market this morning as Dow Jones futures were up solidly overnight. Wheat futures are called mixed on the open. Overnight trade at 6:45 am CT was 1 to 3 3/4 cents lower at the CBOT, 2 3/4 to 3 3/4 cents higher at the KCBT and 4 1/4 cents lower at the MGE. Weakness in the dollar overnight, light commercial buying and Dow Jones futures being able to rally off of its lows overnight is providing the market some light support. Spring wheat condition ratings fell 4 points last week to 66% good to excellent. While still above normal, condition ratings have declined significantly the past two weeks. Gains in the futures market are expected to be limited by increased export competition as global wheat supplies improve from last year’s tight levels. Cattle futures are called steady to lower. Concern about the U.S. and global economies are expected to keep the futures market on the defensive. However, losses could be limited by the bounce in Dow Jones futures overnight and the $1.61 jump in choice boxed beef prices. Front end futures could find support from ideas of further strength in the cash market this week. Lean hog futures are called steady to mixed. Front end contracts could find some support from the $1.32 jump in pork cutouts values, which hit a new high again. Pork prices have hit new highs nine of the past ten business days. However, cash markets are expected to hold mostly stable and deferreds are expected to be lower on concern about the U.S. and global economies. Cotton futures are trading slightly higher this morning. With outside markets appearing to stabilize, cotton futures have been able to as well. Poor U.S. crop conditions remain a supportive factor. Cotton is rated 30% good to excellent, well below the ten-year average of 54%. At 6:45 am CT, December cotton was 24 points higher.

Source