Corn futures are called 1 to 2 cents lower. Overnight trade was 1 3/4 to 2 1/4 cents lower. Fund activity has been limited recently. With futures unable to push through technical resistance, we look for futures to drift lower this morning. Old-crop stocks are large and despite strong export sales recently, there is concern that bird flu will reduce feed demand.

Soybean futures are called 3 to 4 cents lower. Overnight trade was 3 to 4 3/4 cents lower. Heavy deliveries against the March contract and bearish fundamentals are expected to weigh on the market. Weather conditions are mostly favorable as the crop finishes in southern Brazil and Argentina. Concern about expanding bird flu is also a bearish factor.

Wheat futures are called 3 to 5 cents lower. Overnight trade was 2 3/4 to 5 cents lower. After posting new highs in some contracts on Tuesday, profit-taking pushed prices lower. Yesterday's close was technically negative although fundamentals remain bullish. Losses should be limited by the poor crop conditions in the central and southern Plains. Forecasts call for only light rain in the driest areas.

Cattle futures are called steady to higher. Cash business is not expected until later this week. However, seasonally tight fed cattle supplies could push some steady to firm trade. Concern about bird flu making its way to North America could at some point provide a temporary boost for beef demand.

Lean hog futures are called steady to mixed. Futures have been choppy recently and in a sideways trend. Packers have been able to push cash markets down, but with yesterday's $3.44 jump in pork cutouts they may be encouraged to increase slaughter and raise bids the next couple of days.