Corn futures are called steady to mixed. Overnight trade was steady to 1/4 of a cent lower. The market was able to make a small technical bounce on Tuesday. However, buying interest is expected to be limited today by recent rainfall that has helped replenish soil moisture levels in the central and eastern Corn Belt along with ideas that spreading bird flu will hamper feed demand.



Soybean futures are called steady to 1 cent lower. Overnight trade was 1/2 to 1 1/4 cents lower. Light speculative buying helped futures rebound from early losses yesterday. However, we look for a slightly lower open due to expanding harvest progress in Brazil and weakness in soybean oil which was pressured by larger-than-expected stocks in the NOPA February crush report.



Wheat futures are called mixed this morning. Overnight trade was 1/2 of a cent lower to 1 1/2 cents higher. Choppy trade is expected as the market looks at weather forecasts for direction. Some much needed rainfall is expected in this weekend in the central Plains although some forecasts are now only calling for light amounts in the western Plains.



Cattle futures are called steady to mixed as traders wait for cash trade to develop. Futures are oversold, but fundamentals remain bearish. Declining beef prices could push cash bids lower again this week. Boxed beef prices were $0.50 to $1.53 lower on Tuesday.



Lean hog futures are called lower on the open. Spillover selling from limit losses in the front-end contracts is expected to pressure futures again this morning. Weakness in the cash market helped trigger the losses yesterday. We look for steady to lower cash trade again today.