Corn futures are called steady to mixed. Overnight trade was 1/4 of a cent lower to 1 cent higher. Consolidation trade is expected following yesterday's gains. The market is expected to remain choppy the next few days as traders position for the Prospective Plantings and Quarterly Stocks reports to be released on Friday morning.



Soybean futures are called steady to mixed. Overnight trade was 1/2 of a cent lower to 1 1/2 cents higher. A fund led technical rally pushed prices higher on Monday, but gains were trimmed into the close. Generally bearish fundamentals and ideas that Friday's plantings report will show a sizeable increase in soybean acreage will limit gains.



Wheat futures are called steady to mixed. Overnight trade was steady to 1/2 of a cent lower. Forecasts for rain in the Plains later this week and disappointing export demand weighed on prices yesterday. Hard red winter wheat conditions ratings are still low, but were improved last week thanks to recent rainfall. Selling pressure will be limited by forecasts for warmer and drier than normal weather conditions in the Plains this spring.



Cattle futures are called steady to mixed. Fundamentals and technicals remain bearish, but with the market very oversold it could be set up for a short-covering bounce today. Cash trade is not expected until later this week, but steady to $1 lower trade is currently expected given the recent weakness in boxed beef prices.



Lean hog futures are called steady to lower. Cash markets have been sliding recently, but packer margins have improved. Hog supplies remain ample and packers have little incentive to raise bids. Traders are beginning to look ahead to the quarterly Hogs and Pigs report due out Friday and they are concerned that the data will show modest expansion.