Corn futures are called steady to mixed. Overnight trade at 6:30 am CT was 1/4 to 1/2 of a cent lower. Some consolidation trade is expected this morning following the recent sell-off. However, buying interest will be limited by the generally favorable crop weather and forecasts along with some pressure from outside markets. Cooler than normal temperatures will benefit the crop now pollinating, although concern about maturation rates falling further behind remains a concern. Crude oil was lower overnight while the dollar index was higher.



Soybean futures called 2 to 3 cents higher. Overnight trade at 6:30 am CT was 2 to 3 cents higher. The market is expected to make a small bounce from recent losses. For old-crop, tight stocks could provide fundamental support although the weekly export sales report on Thursday could show some cancelation of sales. New-crop fundamentals could limit gains as generally favorable weather conditions and weather forecasts have raised crop production ideas. Extended forecasts call for normal to below normal temperatures and chances of rain, which would benefit the crop in the pod setting stage.



Wheat futures are called 4 to 5 cents lower. Overnight trade at 6:30 am CT was 4 1/2 to 4 3/4 cents lower at the CBOT and 4 1/4 to 5 1/4 cents lower at the KCBT. The lack of noncommercial short-covering and the shortage of bullish news are expected to leave futures to drift lower. Winter wheat harvest reports have generally showed good yields and export demand remains relatively sluggish. In addition, outside markets could provide some pressure as strength in the dollar overnight will hurt the competitiveness of U.S. wheat in the global market.



Cattle futures are called higher on the open. Strength in boxed beef prices and ideas of $1-$2 higher cash trade this week will be supportive. After rallying more than $2 on Monday, choice cutouts were up $1.94 and select cuts were $1.58 higher on Tuesday. Several packers are short-bought and are expected to raise bids to help fill slaughter schedules.



Lean hog futures are called higher this morning. Pork cutouts moved higher again on Tuesday, gaining $1.24. The rise in pork prices has been impressive, although the pause on Monday helped cause the sell-off in futures yesterday. We look for a recovery rally today as fundamentals are generally supportive. Favorable packer margins should help support the cash market today.