Corn futures are called 5 to 6 cents lower. Overnight trade was 4 1/2 to 7 cents lower. Weakness in outside markets and the larger than expected planting intentions number from USDA yesterday are expected to weigh on the market. Dow Jones futures and crude oil were lower overnight. However, losses are expected to be limited by strength in soybeans and generally wet conditions in much of the Corn Belt that could lead to planting delays.



Soybean futures are called 5 to 6 cents higher. Overnight trade was 4 3/4 to 6 1/2 cents higher. Despite the bearish outside market influence, futures were able to rally overnight on the continued bullish reaction to the smaller than expected planting intentions number. Planting intentions would be record large acreage, but was down 3.6 million from the average trade estimate. In addition, the smaller than expected quarterly stocks number indicates tight ending stocks of soybeans this marketing year.



Wheat futures are called 6 to 7 cents lower. Overnight CBOT trade was 6 1/4 to 7 cents lower and the KCBT was 6 1/4 to 6 1/2 cents lower. USDA's all wheat planting intentions number was right on expectations although winter wheat acreage was raised while spring wheat was a little below expectations. But wheat stocks remain abundant as March 1 stocks of 1.037 billion bushels were 328 million above year-ago. Sluggish export demand and some improvement in soil moisture levels in the central and southern Plains will be bearish factors.



Cattle futures are called steady to higher. Packers are short-bought and despite poor margins, they are expected to have steady to firm bids for cattle this week. Boxed beef prices were improved on Tuesday, with choice cutouts up 62 cents and select cuts up $1.54. The market will also be looking ahead to expected improvement in demand seasonally and tightening supplies of market ready cattle.



Lean hog futures are called steady to lower. End of month and quarter short-covering helped push prices higher on Tuesday. But the 91 cent drop in pork cutouts yesterday will be bearish as packer margins are poor. Pork prices were hit by large supplies and sluggish demand. Losses may be limited by tightening supplies of market ready hogs and some optimism that pork demand will improve seasonally.