Corn futures are called 3 to 5 cents lower. Overnight trade was 2 1/2 to 5 1/2 cents lower. The market is technically overbought after setting new contract highs on Tuesday and we look for some consolidation trade this morning. Despite the expected weakness, strong demand and concern about declining stocks of corn in the U.S. and globally will help limit losses.

Soybean futures are called 4 to 5 cents lower. Overnight trade was 2 to 5 3/4 cents lower. Profit-taking is expected to weigh on futures following the recent fund led rally. This year's crop and ending stocks are expected to be record large. Losses should be limited by bullish technical momentum, strong demand, and the need for deferred contracts to compete for acreage next spring.

Wheat futures are called strongly lower. Most active contracts overnight traded 9 to 10 cents lower at the CBOT and the KCBT was 4 1/2 to 6 3/4 cents lower. The market is expected to be in consolidation mode this morning following yesterday's break from the highs set early in the session at the CBOT and KCBT. The market has been focused on the tight global supplies of wheat, but so far that has not translated into strong demand for U.S. wheat. In addition, rain in the Plains will benefit HRW emergence and establishment.

Cattle futures are called steady to mixed. The market is expected to remain in its choppy two-sided trade until the cash market begins to trade. Strengthening boxed beef cutout values will provide fundamental support while concern that packers could slow slaughter and rising feed costs that may encourage cattle being marketed earlier than normal should limit gains.

Lean hog futures are called steady to lower. Follow-through selling from Tuesday and ideas of steady to lower cash bids today will weigh on the market. The heavy slaughter pace is weighing on pork cutout prices with the $1.51 drop yesterday.