Corn futures are called 1 to 2 cents higher. Overnight trade was 1/4 to 1 3/4 cents higher. We look for light technical buying following the losses on Monday. Trade on Monday was seen as consolidation with the market continuing to hold in a trading range. For the March contract, the low from last week at $3.91 1/2 will act as support and $4.10 as resistance in the near-term.



Soybean futures are called steady to 1 cent higher. Overnight trade was 3/4 to 1 3/4 cents higher. The market is expected to make a rebound from losses posted on Monday when weakness in crude oil spilled over into soybean oil and soybeans. Profit-taking was also noted after prices rallied to 1 1/2 year highs last week. Ideas of sharply lower acreage this spring will help underpin the market.



Wheat futures are called 1 to 2 cents higher. Overnight CBOT trade was 3/4 to 1 3/4 cents higher and the KCBT was 1/4 to 1 cent higher. The market will continue to watch corn for direction, but a sideways trend is likely for the next couple of weeks. Improved soil moisture in the Plains and generally favorable winter wheat conditions will limit buying, but support is expected to come from seasonally tightening supplies as we move into spring.



Cattle futures are called higher on the open. Strength in the cash market last week and ideas of higher trade again this week will be supportive. Boxed beef prices moved strongly higher on Monday with gains of $2.96 to $3.91. The improved packer margins and light volume trade last week should lead to firm prices more cash trade this week.



Lean hog futures are called higher. Snow and cold temperatures are expected to limit marketings, forcing packers to raise bids to get some hogs to fill slaughter needs. Packer margins have improved with the recent climb in pork prices. Pork cutout prices were up another $1.05 on Monday. Technical factors also support a continuation of the current uptrend.