Corn futures are called 1 to 2 cents lower. Overnight trade at 6:30 am CT was 1 cent higher in the Sep while deferreds were 1 3/4 to 2 cents lower. Lower soybean trade overnight and outside market weakness is expected to weigh lightly on the corn market. Crude oil was lower overnight while the dollar index was higher. However, strong exports recently have triggered some commercial buying interest, which could support the nearby September contract. The late maturity of the crop will also help limit losses in the new-crop and could push prices higher today.

Soybean futures are called 7 to 10 cents lower. Overnight trade at 6:30 am CT is 7 to 10 1/4 cents lower. Some light profit-taking is expected following the rally on Tuesday. Weakness in crude oil and gold and strength in the dollar overnight will weigh on the market. Despite ideas of weakness this morning, old-crop fundamentals remain bullish as stocks remain tight while talk circulated yesterday that China was in the market to buy old and new-crop soybeans.

Wheat futures are called steady to mixed. Overnight trade at 6:30 am CT was 1/4 to 1/2 cent higher at the CBOT, 1 1/4 to 1 1/2 cents higher at the KCBT, while the MGE was 1 1/4 to 1 3/4 cents lower. Light short-covering and consolidation is expected in the winter wheat markets as prices are near contract lows. Despite recent weakness in the dollar and declining prices, demand for U.S. wheat remains sluggish. But spring wheat may remain on the defensive on reports of better than expected yields from the Wheat Quality Council's first day of their spring wheat tour.

Cattle futures are called are called steady to higher. Technical buying following the bounce in prices on Tuesday and ideas of tightening supplies of market ready cattle will be supportive. Cash trade is expected to develop later in the week at steady to firm prices compared to the $83 last week. Boxed beef prices rallied strongly last week, but have held in a fairly tight range so far this week. On Monday, choice beef prices were at its highest level since late May.

Lean hog futures are called steady to lower. Futures were down sharply on Tuesday, hitting new contract lows in most months. Fundamentals remain poor with pork cutouts down $2.11 and national average cash prices down over $1.50. However, losses should be limited and could turn higher as futures are technically oversold and are due for a bounce.