Corn futures are called 4 to 5 cents lower. Overnight trade was 3 1/2 to 4 3/4 cents lower. Long liquidation by the funds is expected to weigh on the market again with futures slipping below technical support at the February low of $4.03 1/2. If futures don't find support near current levels, more aggressive fund selling is likely. Weakness in global markets overnight and concern about a big jump in acreage this spring will also be bearish factors.

Soybean futures are called 4 to 5 cents lower. Overnight trade was 4 1/2 to 5 1/4 cents lower in most actively traded months. The market is expected to be pressured by technical selling following yesterday's late sell-off and weakness overnight in global markets. NOPA crush for February will be released this morning and the average pre-report estimate is 131.9 million bushels.

Wheat futures are called steady to lower. Overnight CBOT trade was steady to 2 1/4 cents lower and the KCBT was steady to 1/2 of a cent lower. Favorable winter wheat conditions and expected weakness in corn is expected to weigh on wheat. Corn remains the main market driver. Losses should be limited by decent demand for U.S. wheat, tightening old-crop supplies, and expectations for a decline in spring wheat acreage.

Cattle futures are called steady to mixed on consolidation of recent market action. Futures had jumped to new highs before a round of profit-taking on Tuesday. Cash fundamentals remain positive and firm trade is expected again this week. Boxed beef prices were up another $1.75 to $2.04 on Tuesday.

Lean hog futures are called steady to mixed. Cash markets expected to be steady to mixed this morning. Pork cutouts fell $1.33 as pork supplies from the recently large slaughter appears to be catching up with the market. However, packer margins remain positive and a large Saturday slaughter appears in the works.