Corn futures are called 1 to 2 cents higher. Overnight trade was 3/4 of a cent to 2 1/2 cents higher. The recovery rally on Monday suggests that prices have put in an interim low. Technical buying and uncertainty about spring and summer weather should provide light buying interest this morning.



Soybean futures are called 2 to 3 cents higher. Overnight trade was 2 3/4 to 3 1/4 cents higher. Despite the lower close yesterday, futures were able to bounce off lows. The large South American crop and expanding harvest progress there will limit gains, but spillover strength in corn should help the market make a small recovery rally this morning.



Wheat futures are called steady to 2 cents higher. Overnight CBOT trade was 1/4 to 2 cents higher and the KCBT was steady to up 1/4 of a cent. With corn futures stabilizing for now, wheat prices are expected to find some support. Futures tested support levels yesterday and were able to bounce from those levels, which should trigger some technical this morning.



Cattle futures are called steady to higher. Profit-taking weighed lightly on the market yesterday, but improving cash fundamentals should provide some support. Boxed beef prices were $1.61 to $2.14 higher on Monday and tightening supplies of market ready cattle should help keep the cash market firm.



Lean hog futures are called steady to mixed. Some consolidation trade is expected following the strong losses posted on Monday. Packer margins will benefit from the lower cash prices and 89 cent jump in pork cutouts yesterday. Cash markets are called steady to lower again this morning.