Corn futures are called 1/2 to 1 cent lower after overnight trade ended that way. We look for some more consolidation trade on the open as technical resistance has stalled the short-covering rally. Fundamental news remains limited but large U.S. supplies and global feed grain stocks remain underlying negative factors.

Soybean futures are called 3 to 5 cents lower. Overnight trade was 4 1/4 to 4 1/2 cents lower. The market was choppy yesterday, but closed with little change. We look for some fund selling on the open following the recent rally. Southern Brazil is expected to remain dry the next couple of days, but Argentina is expecting some showers.

Wheat futures are steady to 1 cent lower. Overnight trade was 3/4 to 1 cent lower. The sharp drop at the MGE weighed on winter wheat markets yesterday. We look for some consolidation trade on the open. Increased cash movement in the northern Plains has pressured spring wheat basis levels.

Cattle futures are called steady to mixed. The market is still waiting for cash trade to develop for further direction. Showlists remain relatively tight, but beef prices remain sluggish. Boxed beef prices were 7 cents higher on the Choice, but Select was $1.11 lower on Tuesday.

Lean hog futures are called steady to higher. Cash markets stabilized yesterday and packers will benefit from the 50-cent jump in cutouts. Decent margins could force packers to raise bids today to keep slaughter levels running at current levels.