Corn futures are called 2 to 3 cents higher. Overnight trade was 2 to 2 1/2 cents higher. Planting progress remain well below normal and forecasts call for a period of cool and wet weather in the Corn Belt this weekend and early next week. Futures market gains will be limited by expected weakness in the stock market and talk that export demand is slowing at a time when demand needs to remain strong to reach USDA's 1.7 billion bushel export forecast for the current marketing year.



Soybean futures are called 3 to 4 cents higher in old-crop months. Overnight trade was 3 1/2 to 3 3/4 cents higher in old-crop months while the new-crop November was 3 cents lower. Old-crop fundamentals remain bullish with strong export demand again this week and very tight ending stock projections for this marketing year. However, new-crop is expected to open a little lower on profit-taking from yesterday's gains and some concern that potential corn planting delays will lead to additional soybean acreage.



Wheat futures are called 5 to 6 cents higher. Overnight CBOT trade was 5 1/2 to 6 1/2 cents higher and the KCBT was 5 1/4 to 5 1/2 cents higher. Spring wheat planting delays and uncertainty about the amount of freeze damage in the HRW wheat crop remain bullish factors. While the market has shifted most of its focus to new-crop prospects, gains will be limited by generally bearish old-crop fundamentals with large world wheat stocks and sluggish export demand for U.S. wheat.



Cattle futures are called steady to higher. Follow-through buying and ideas of firm cash trade this week will be supportive. Boxed beef prices continue to rally with beef prices up around $1.50 on Tuesday. Packers have increased slaughter schedules and with tightening cattle numbers and expectations of further seasonal improvement in demand, cash trade should be firm.



Lean hog futures are called steady to higher. Cash trade is expected to be steady to firm as short-bought packers continue to keep firm bids despite poor processing margins. Pork cutouts were down 80 cents on Tuesday. The monthly Cold Storage report was slightly supportive as stocks of hams, bellies and total pork were all below trade expectations.