Corn futures are called 3 to 4 cents lower. Overnight trade was 3 to 3 3/4 cents lower. Weakness in outside markets could weigh on prices at the open as Dow Jones futures and crude oil were lower overnight. However, losses will be limited and futures could turn higher on further weakness in the dollar and rain in the eastern Corn Belt that will further delay the last leg of planting. The rain could force some farmers to switch acreage intended for corn to soybeans.



Soybean futures are called 5 to 7 cents lower. Overnight trade was 4 3/4 to 7 3/4 cents lower. Some further profit-taking is expected this morning as the stock market is expected to open lower and crude oil fell overnight. However, old-crop fundamentals remain bullish with expectations for USDA to further tighten its ending stocks projection next week. Exports are running ahead of pace to reach USDA's previous export forecast. For new-crop, more rain in the eastern Midwest could raise ideas of acreage intended for corn to switch to soybeans. On the other hand, delayed soybean planting will hurt yield potential.



Wheat futures are called 9 to 11 cents lower. Overnight CBOT trade was 7 to 11 3/4 cents lower and the KCBT was 8 to 11 1/4 cents lower. Spillover pressure from corn and soybeans along with sluggish export demand and large world wheat stocks will weigh on futures. However, production problems for the winter and spring wheat crops will provide underlying support. Early harvested wheat in the southern Plains has been mostly poor due to dryness during the growing season and the early April freeze. Spring wheat continues to be plagued by late planting and ideas that some acreage will be switched out of wheat.



Cattle futures are called steady to lower. Light cash trade developed in the North yesterday at $3-$4 lower than last week on a dressed basis. Boxed beef prices fell further with choice cutouts down 58 cents and select down 68 cents. Technical selling is also expected after futures fell below support levels. However, futures are technically oversold, which should lead to a bounce at some point.



Lean hog futures are called steady to lower. The cash market is working lower and pork cutouts fell another $1.18 on Tuesday. With packers having a difficult time moving pork, cash bids are expected to continue to weaken due to poor processing margins. However, the market is technically at oversold levels, which is expected to cause a short-covering bounce sometime soon.