Corn futures are called steady to 1 cent higher. Overnight trade was 3/4 to 1 1/4 cents higher. Fund buying pushed futures above the 50-day moving average and technical buying momentum is expected again this morning. Fundamentally, large stocks of corn will remain an underlying bearish factor.

Soybean futures are called 1 to 2 cents higher. Overnight trade was 1 1/4 to 3 cents higher. A small technical bounce is expected on the open, but bearish fundamentals are expected to keep rally attempts in check. Export demand has been strong recently, but increased competition is expected soon from South America as harvest expands. U.S. stock levels are large and acreage is expected to expand this year.

Wheat futures are called 2 to 3 cents higher. Overnight trade closed 2 to 3 1/4 cents higher. Fund buying pushed prices higher on Tuesday and we look for some follow-through this morning. Drought concerns continue for the southern Plains as forecasts remain mostly dry.

Cattle futures are called steady to mixed. Choppy trade is expected as traders wait for cash trade. Packer bids are expected to be firm this week, but traders are concerned that the cash market may be topping this week. Packer margins remain poor and boxed beef prices were 84 to 99 cents lower on Tuesday.

Lean hog futures are called lower on the open. Follow-through selling from yesterday and bearish cash fundamentals will weigh on the market. Declining packer margins and poor product movement should limit cash bids. Pork cutouts were 63 cents lower on Tuesday.