Corn futures are called 1 to 2 cents lower. Overnight trade was 1 to 1 1/2 cents lower. Outside markets stabilized overnight, but light follow-through selling from yesterday's sharp decline is expected on the open. Light commercial buying and short-covering should limit losses and could support the market at times today.

Soybean futures are called 4 to 5 cents lower. Overnight trade was 5 to 6 1/2 cents lower. Light follow-through selling is expected on the open following the sharp decline yesterday. Beneficial rainfall is still expected in Argentina later this week and this weekend. Futures remain in a strong short-term downtrend, but short-covering and light commercial buying could help the market stabilize today. Continued strong export demand will be a bullish factor.

Wheat futures are called 4 to 5 cents lower. Overnight CBOT trade was 4 to 4 3/4 cents higher and the KCBT was 4 to 4 1/4 cents higher in most active months. The market is expected to open lower on follow-through selling and spillover pressure from soybeans and corn. Also, the uptrend in the dollar index is making U.S. wheat less competitive on the global export market. Weekly export inspections reported yesterday were only 10.5 million bushels, which was below expectations and the pace needed to reach USDA's export forecast.

Cattle futures are called steady to lower. Follow-through selling is expected to weigh on the market this morning. But outside financial markets stabilized overnight, which could help the cattle market do the same. Choice beef prices were up slightly on Tuesday. Cash markets are expected to be steady to lower this week as packer margins are poor.

Lean hog futures are called steady to lower. The market is expected to be pressured by spillover selling from yesterday's sharp losses. Cash markets have turned lower as packers deal with poor margins despite the 56 cent jump in pork cutouts on Tuesday. However, short-covering and outside markets stabilizing overnight could help support the futures market today.