Corn futures are called 1 to 2 cents lower. Overnight trade was 3/4 to 2 cents lower. Follow-through selling from yesterday's late weakness is expected this morning. A drop in metals and energy prices spilled over into crop markets. Traders will be positioning for tomorrow's Supply/Demand report. The ending corn stocks estimate is expected to remain large, although down about 40 million bushels from January.

Soybean futures are called 2 to 3 cents lower. Overnight trade was 1 3/4 to 2 3/4 cents lower. A drop in metal and energy prices yesterday led to easing inflationary concerns and selling in soybeans. Also, market expectations are for soybean ending stocks to increase by around 25 million bushels in the Supply/Demand report tomorrow morning.

Wheat futures are called 2 to 3 cents lower. Overnight trade was 2 3/4 to 4 cents lower. Profit-taking from the recent runup to contract highs in the KCBT and MGE and spillover weakness from corn and soybeans are expected to weigh on futures this morning. Losses are expected to be limited by the continued deterioration of HRW crop conditions in the Plains.

Cattle futures are called mixed on the open. The market is expected to be choppy as traders wait for the cash market to develop. Light support may come from short-covering although cash fundamentals remain shaky as boxed beef prices were 67-68 cents lower on Tuesday.

Lean hog futures are called steady to higher. Cash bids are expected to be higher again today following the $1.23 jump in cutouts on Tuesday and manageable market ready supplies. However, a sustained rally in futures will be difficult unless pork prices can continue to move higher.