Corn futures are called 3 to 4 cents higher. Overnight trade at 6:30 am CT was 3 1/2 cents higher. Spillover support is expected to come from soybeans. Weather forecasts continue to call for warmer and drier over the Corn Belt over the next couple of weeks. While this may help speed crop maturity, it is a threat to soybean yields. Crude oil traded a little lower overnight, which could be a limiting factor for corn.



Soybean futures are called 13 to 14 cents higher. Overnight trade at 6:30 am CT was 13 to 13 1/2 cents higher. Renewed buying interest was seen overnight for both old-crop and new-crop contracts. Tight old-crop stocks and concern about weather forecasts will provide fundamental support. Weather forecasts call for warmer temperatures and some areas are dealing with dry conditions. Forecasts remain uncertain enough about precipitation that some weather premium is being added to the market.



Wheat futures are called 2 to 3 cents higher. Overnight trade at 6:30 am CT was 2 1/4 to 3 cents higher at the CBOT and 2 to 2 1/2 cents higher at the KCBT. Light spillover support is expected from corn and soybeans this morning. The dollar has fallen to the lowest levels of the year, which is supportive for commodity markets although little direction was seen from outside markets overnight. But gains will be limited by sluggish export demand and ideas of a large spring wheat crop.



Cattle futures are called steady to lower. Follow-through selling is expected to weigh on futures as cash market fundamentals remain shaky. Cash trade has been disappointing the past couple of weeks and boxed beef prices were lower on Tuesday. However, losses in the futures market should be limited by tightening supplies of market ready cattle and declining retail beef prices which should help give beef demand a boost.



Lean hog futures are called steady to higher. Some short-covering is expected following the sharp declines on Tuesday that pushed futures to new contract lows and technically oversold levels. Pork cutouts were up slightly yesterday, gaining 23 cents. Packer margins are decent, but so far they have been able to get ample hog supplies at lower cash bids. Further weakness in the cash market will limit front end futures.