Corn futures are called 1 to 2 cents higher. Overnight trade was 1 to 1 3/4 cents higher. The market remains trapped in a trading range and after some weakness on Tuesday prices are called slightly higher on the open. Fundamental news remains limited for now as the market seems content to chop around until we get closer to spring and planting.



Soybean futures are called 1 to 2 cents higher. Overnight trade was 1/4 to 1 3/4 cents higher. The market was higher most of the day on Tuesday, but faded near the close on spillover pressure. Futures are vulnerable to some profit-taking as prices are at 1 1/2 year highs and are technically overbought. Underlying support will come from ideas of a sharp reduction in acreage this spring.



Wheat futures are called 1 to 2 cents higher. Overnight CBOT trade was 1/4 to 2 1/2 cents higher and the KCBT was 1/2 to 1 3/4 cents higher. Futures are holding above chart support and higher corn prices should provide some spillover support. However, sluggish nearby demand and mostly favorable crop conditions will limit buying interest.



Cattle futures are called higher on the open. Firming beef prices and expectations for higher cash trade this week will be supportive. Cash trade is expected to be $1-$2 higher this week as adverse weather continues to hamper feedlot performance. New deliveries against the February contract were light on Tuesday at only 26.



Lean hog futures are called steady to higher. Packers have cut back slaughter this week as margins have been squeezed. However, cutouts have responded and were up $1.14 on Tuesday after posting solid gains recently. Pork prices are at their highest level since late November. Concern that cold weather is backing up hogs that will pressure the cash market later could limit gains.