Corn futures are called steady to narrowly mixed on the open. Overnight trade was 1/4 to 1/2 of a cent lower. The market is expected to be in consolidation mode this morning following the recent pullback. Weather forecasts are generally favorable as warmer temperatures are forecast with some chances of rain, with acres unplanted already considered lost for corn. Outside markets were little changed overnight.

Soybean futures are called mixed. Overnight night trade was 1 1/2 lower (Jul) to 1 1/2 cents higher (Nov). Old-crop futures are called slightly lower as commercial pressure is expected on further reports of Chinese cancellations of soybean shipments. New-crop was up slightly overnight as recent wet weather in the eastern Corn Belt and south will further delay planting progress, although forecasts look a little warmer and drier.

Wheat futures are called 4 to 5 cents lower. Overnight CBOT trade was 1 to 5 3/4 and the KCBT was 1 1/4 to 4 3/4 cents lower. Sluggish export demand and the recent jump in the dollar will be bearish factors. U.S. wheat appears to be too expensive on the world wheat market. Warmer and drier weather in the southern Plains will benefit harvest and will increase harvest pressure. Losses will be limited by disease concerns in the SRW wheat belt due to the very wet conditions.

Cattle futures are called steady to mixed as the market looks for cash trade to develop for further direction. Cash trade is expected to be steady to $1 lower, although strength in beef prices will help limit losses. Choice cutouts were up $1.03 and select cuts were up $1.39. Traders will also begin positioning for the Cattle on Feed report due on Friday.

Lean hog futures are called steady to higher. Cash prices have turned a little higher this week as have pork cutouts which were up 79 cents on Tuesday. With several contracts hitting new lows yesterday and technically oversold conditions, short-covering is also expected to provide some support.