Corn futures are called 3 to 4 cents lower. Overnight trade was 3 1/2 to 4 1/4 cents lower. Weakness in crude oil futures overnight is expected to weigh on corn futures this morning. However, losses are expected to be limited by positioning ahead of next week's Prospective Plantings report and concern about wet conditions in parts of the Corn Belt that will slow spring field work that could bring about planting delays.

Soybean futures are called 5 to 6 cents lower. Overnight trade was 3 3/4 to 7 cents lower. The market tried to rally in the overnight session, but futures were pulled lower by profit-taking and weakness in other crops. The Argentine farmer strike appears to be factored into the market for now, although tight old-crop stocks and some additional export business for the U.S. will limit old-crop losses. New-crop months will be influenced by positioning ahead of the Prospective Plantings report, which is expected to show a big jump in soybean acreage.

Wheat futures are called 3 to 5 cents lower. Overnight CBOT trade was 3 1/2 to 4 1/2 cents lower and the KCBT was 5 1/4 cents lower. The market is expected to be pressured by spillover weakness from corn and soybeans as well as crude oil. Weather forecasts are generally bearish as significant precipitation is forecast for much of the drier areas of the HRW wheat belt later this week. Export news remains mostly bearish as news reports have Russia looking to move wheat ahead of their new-crop harvest.

Cattle futures are steady to higher. The market should find support from strength in the beef market and expectations for improving demand seasonally while cattle supplies tighten. Choice cutouts were up 58 cents and select cuts were 99 cents higher on Tuesday. Cash trade is not expected to develop yet today, but ideas are for firm prices this week.

Lean hog futures are called steady to higher. Pork cutouts were higher on Tuesday and the recent improvement in packer margins and increasing slaughter schedules should support the cash market. However, packer margins remain tight and the premium held by deferred futures will limit gains.