Corn futures are called steady to 1 cent higher. Overnight trade was 1/2 to 1 3/4 cents higher. Futures are expected to remain choppy today. The market is holding in the middle of a trading range. Very strong demand is being countered by large acreage estimates for this spring. The funds are still heavily net long, but price weakness hasn't been significant enough to triggers fund liquidation.



Soybean futures are called steady to 1 cent higher. Overnight trade was 1/2 cent lower to 1 1/2 cents higher. Consolidation trade is expected this morning after setting new contract highs on Monday. Soybeans were able to close higher on Monday despite light weakness in corn. Ideas that acreage will be down sharply this spring is offering support despite bearish old-crop fundamentals.



Wheat futures are called steady to mixed. Overnight CBOT trade was 1/2 to 1 1/2 cents lower and the KCBT was 1/4 cent higher to 1 1/2 cents lower. Despite stronger exports, the market failed to attract much buying enthusiasm on Monday. Cold weather in the Plains and Midwest has failed to provide any sustained support as most winter wheat has enough snow cover to avoid damage. Direction will likely continue to come from corn.



Cattle futures are called steady to mixed. The market is expected to consolidate the recent push to new contract highs. Deliveries against the February contract were moderate, but the threat of more deliveries will limit the front end. Recent strength in the cash market and the rebound in beef prices on Monday will be supportive. Boxed beef prices were 49 to 73 cents higher yesterday.



Lean hog futures are called steady to mixed. Technically overbought conditions and ideas that the market is due for a setback will limit buying interest. There are also ideas that cash prices are near a top and that supplies will increase as temperatures moderate later this week. On the other hand, packers will be encouraged by the $1.25 jump in pork cutouts on Monday.