Corn futures are called 1 to 2 cents lower. Overnight trade was 1 1/4 to 2 cents lower. Bearish fundamentals and yesterday's break below support at $2.10 on the March contract are expected to pressure prices again today. Recent rainfall in Argentina has eased concerns for now about crop losses there.



Soybean futures are called 4 to 5 cents lower. Overnight trade was 4 1/2 to 5 3/4 cents lower. Fundamentals remain largely bearish. Crop conditions in Brazil are generally favorable and Argentina recently received some much needed rainfall. Strong crush had been a supportive factor, but that pace is slowing with December NOPA crush coming in nearly 3 million bushels below expectations.



Wheat futures are called 1 to 2 cents lower. Overnight trade was 1/2 to 2 cents lower. Concern about global export competitions and spillover weakness from corn and soybeans are expected to weigh on the market. Wheat weekly export inspections last week slipped to 11.8 million bushels, about half of the previous week. Losses at the KCBT will be limited by the poor crop conditions in the southern Plains.



Cattle futures are called steady to firm. Ideas of firm cash trade this week and bullish chart patterns are expected to provide support. Boxed beef prices were 53 to 99 cents higher on Tuesday.



Lean hog futures are called steady to lower. Futures bounced on Tuesday with some bids in the western Corn Belt firming. However, yesterday's $1.32 drop in pork cutouts and futures premium to the lean hog index are expected to weigh on the market today.