Corn futures are called steady to mixed. Overnight trade was 1/4 of a cent higher to 1/4 lower. Short-covering has put the market up again technical resistance. This may limit gains today along with increased cash movement following the recent uptick. Fundamentals remain negative, but further short-covering by the funds is still possible.



Soybean futures are called 1 to 2 cents higher. Overnight trade was 3/4 to 2 1/2 cents higher. Dry weather in the southern Brazil and northern Argentina has triggered a good short-covering run by the funds. With resistance still above the market, we could see some further gains today.



Wheat futures are called steady to 1 cent lower. Overnight trade was 1/4 to 1 cent lower. Ideas that the market has bottomed helped rally the market recently amid technical buying. Short-covering ahead of the March delivery period will continue to be a factor, but stiff global competition for exports will be a bearish factor for futures.



Cattle futures are called steady to mixed. We look for some choppy trade as traders wait to see how cash trade develops this week. Front end cattle supplies are tight, but packer margins will be squeezed some by yesterday's 91 to 97 cent drop in boxed beef prices.



Lean hog futures are called steady to mixed. Cash markets are called mostly steady. Packers are ramping up slaughter with yesterday's 403,000 head the largest daily kill since December. However, packers will likely hold off higher cash bids with pork cutouts 36 cents on Monday.