Corn futures are trading 3 to 4 cents lower early morning. There is a lack of fresh news concerning the market at the present moment. Key factors creating downward momentum in the market this morning is the downturn in outside markets and rise in the dollar index. The market is also being pressured by position squaring ahead the USDA’s WASDE report on Friday and tumbling soybean prices.

Soybean futures are trading 1 to 3 cents lower early morning. The soybean market is once again being pressured by speculative long liquidation. Added support should be provided by the overall tone of the market as it is fundamentally bullish on the demand and supply side. However, lower outside markets and the higher dollar index may keep prices on the defensive much of today's session.

Wheat futures are trading 5 to 11 cents lower early morning. Although the market is becoming more bullish as global stocks decline, strength in the U.S. dollar is currently making wheat unattractive on the global level. Outside market weakness and falling corn prices are weighing on prices and causing double digit losses at CBOT (10 cents) and KCBT (11 cents)

Live cattle futures are called to open higher this morning. The market is set to open pit trade on a higher note this morning with support tied to the surge in boxed beef prices. Tuesday’s boxed beef prices were reported $1.41 higher at $179.90, while select jumped $1.55 at $173.95. Midweek cash trade is expected to remain sluggish but the anticipation of higher cash prices should strengthen futures.

Lean hog futures are called to open higher this morning. Renewed buying interest is expected to spill over into today’s session, causing futures prices to open pit trade on the upside. The market should also see supported from the premium of the cash index, however the pull back in the grain complex may pressure deferred contracts.

Cotton futures are trading 96 to 100 points lower early morning. Cotton futures continue to pull back this morning on follow through selling and the higher dollar. As with the other agriculture commodities, the trade is awaiting Friday’s supply/demand report, which will provide an update for the 2012/13 cotton crop.