Corn futures are called 3 to 4 cents higher. Overnight trade was 1 3/4 to 4 1/2 cents higher. Speculative buying continues to support the market, pushing most contracts to new highs yesterday. Strong demand and projections for tight stocks this crop year are providing support. The market is looking for USDA to lower their production number 60-70 million bushels on Thursday morning.



Soybean futures are called 7 to 8 cents higher. Overnight trade was 7 1/2 to 8 1/4 cents higher. Strength in corn continues to drive soybeans higher as the crops fight for acreage next spring. However, fundamentals remain bearish. USDA is expected bump their production estimate tomorrow morning, which will push ending stocks to a record high level.



Wheat futures are called 3 to 5 cents higher. Overnight CBOT trade was 1 1/2 to 6 3/4 cents higher and the KCBT was 3/4 to 6 cents higher. Spillover strength is expected from corn. However, gains could be limited by traders evening positions ahead of the Supply/Demand report. Concerns about the slow pace of U.S. exports could limit buying interest despite the tight global supply and demand balance.



Cattle futures are called steady to mixed. Traders will be watching the cash market for direction. Cash trade is expected to slip a little further this week. However, short-covering from recent weakness in futures and optimism that beef prices and the cash market may begin to improve next week could provide some light buying interest.



Lean hog futures are called steady to mixed. Spread activity is expected to keep futures choppy as traders look to the cash market for direction. Cash trade is expected to be mostly steady today as packers are expected to maintain slaughter schedules. However, there is concern that weakness in cutouts and poor packer margins could slow the kill later this week, which would weigh on the cash market.