Corn futures are called 1 to 2 cents lower. Overnight trade was 1 1/2 to 2 1/2 cents lower. Consolidation trade limited movement yesterday although late fund buying pulled prices higher. We look for some weakness on the open as forecasts are calling for Argentina to get some much needed rainfall later this week.

Soybean futures are called 7 to 8 cents lower following overnight trade that ended that way. Index fund buying has been supportive recently, but prices setback a little yesterday. Large U.S. stocks and forecasts for rain in southern Brazil and Argentina later this week be fundamental bearish factors.

Wheat futures are called 2 to 3 cents lower. Overnight trade was 2 1/2 to 4 1/4 cents lower. Consolidation trade is expected again this morning following the recent runup to new highs at the KCBT and MGE. The KCBT could find support from continued dry forecasts for the southern Plains and the results of the Iraqi HRW wheat tender that are expected to be opened today.

Cattle futures are called mixed this morning. Index fund buying was a supportive factor on Tuesday. We look for some choppy action as traders wait for cash market developments for direction. Boxed beef prices were mixed yesterday with Choice up 90 cents and Select down 73 cents.

Lean hog futures are called steady to higher. Steady to higher cash prices on Tuesday helped the market rebound. Pork cutouts were stable yesterday at down only 1 cent. If cash bids can hold steady or firm, we look for futures to be supported by short-covering.