Corn futures are called steady to 1 cent lower. Overnight trade was 1/2 to 1 cent lower. Choppy trade is expected this morning. Traders will continue to watch pre-report expectations for the Planting Intentions report due out March 31. Outside markets are mixed as the stock market was up strongly on Tuesday, but Dow Jones futures were a little lower overnight. Light weakness in crude oil overnight will provide light pressure this morning.



Soybean futures are called 2 to 3 cents higher. Overnight trade was steady to 3 1/2 cents higher. Strong export demand has encouraged commercial buying and strengthening basis levels are supportive for old-crop futures. New-crop months have made a push recently to gain back some of the soybean/corn ratio that had shifted to corn last week. However, ideas of a big increase in soybean acreage could limit gains.



Wheat futures are called 2 to 3 cents lower. Overnight CBOT trade was 1 3/4 to 2 3/4 cents lower and the KCBT was 2 1/4 to 4 cents lower. Sluggish export demand for U.S. wheat and large world wheat stocks will weigh on futures this morning. But losses will be limited by concern about the winter wheat crop in the southern Plains. Warm and dry weather will raise crop stress on the crop as it breaks dormancy. Forecasts show a chance for some rainfall next week, but no drought busting rain.



Cattle futures are called steady to mixed as traders wait for cash business that is not expected to develop until later in the week. The rally in the stock market on Tuesday could provide some support, although weakness in Dow Jones futures overnight will limit gains. Beef prices have been mixed this week. While cattle supplies are tightening, larger slaughter weights are helping to keep beef supplies large.



Lean hog futures are called steady to mixed. The cash market fell again on Tuesday and is expected to be steady at best today. However, strength in the stock market yesterday and much improved packer margins could give some support to the futures market. Hog supplies have been ample this week to fill packer needs, although they are expected to tighten soon.