Corn futures are called steady to 1 cent lower. Overnight trade was 1/4 to 1 1/4 cents lower. Further consolidation trade is expected this morning. Weakness in gold and crude oil pressured prices lightly yesterday and crude oil is lower again this morning. Prices have challenged contract highs, but have pulled back slightly from those levels.



Soybean futures are called 2 to 3 cents lower. Overnight trade was 2 1/4 to 3 1/4 cents lower. After setting new contract highs in soybeans and meal on Tuesday, we look for some light technical selling this morning. Old-crop fundamentals remain bearish and the crop in South America will be large. New-crop losses will be limited by ideas of a sharp reduction in acreage this spring.



Wheat futures are called mixed. Overnight CBOT trade was 1 1/4 to 2 cents higher and the KCBT was 1/4 to 1 3/4 cents lower. Buying interest is expected to be limited by the lack of support from corn and weakness in crude oil. Improved weather this week should increase cash grain movement. Ideas of a large increase in U.S. and world wheat production will remain underlying bearish factors.



Cattle futures are called steady to mixed. Cash market activity is expected to remain on hold today. Showlists are reportedly smaller this week, but the declining beef prices will likely keep cash bids from rising. Prospects for a bullish Cattle on Feed report due out on Friday should lend some fundamental support over the next couple of days.



Lean hog futures are called steady to lower. Cash fundamentals look bearish with the increased marketings this week and the $1.42 crop in pork cutouts on Tuesday. Futures fell through technical support yesterday, which could encourage some further selling today.