Corn futures are called steady to 1 cent lower. Overnight trade was unchanged to 1 1/4 cents lower. Fund liquidation is expected to continue to weigh on the market. Traders will keep an eye on the weather and acreage forecasts ahead of the March 30 Prospective Plantings report. Weather forecasts are mixed with some rain taken out of near-term forecasts while some private forecasts call for above normal precipitation in late March into early April.



Soybean futures are called steady to 1 cent lower. Most active contracts overnight were 1/4 to 1 cent lower. We look for prices to back off of yesterday's gains on the open. New-crop led the rally on ideas of a decrease in acreage this spring. However, old-crop fundamentals remain bearish. Demand appears to be slowing as soybean supplies in Brazil are beginning to hit the export market.



Wheat futures are called steady to mixed. Overnight CBOT trade was 1 1/2 cents higher to 2 cents lower and the KCBT was steady to 1/4 cent higher.
The lack of any supportive export news and spillover weakness in corn will limit buying this morning. Also, forecasts call for more beneficial rain in the Plains. However, light technical strength is possible following the losses yesterday.



Cattle futures are called steady to higher. We look for some follow-through buying from yesterday's recovery rally. Packer margins remain in the black and cash fundamentals are positive. Tight supplies of market ready cattle and prospects for stronger beef demand remain supportive underlying factors.



Lean hog futures are called steady to mixed. Futures are becoming technically oversold and are due for a bounce. Packer margins remain positive although recently large slaughter has wholesalers trying to move a lot of pork. The outlook for declining hog numbers seasonally should help cash prices move higher over the next few weeks.