Corn futures are called steady to mixed. Overnight trade was 1/2 of a cent lower to 1/4 higher. We look for some consolidation type trade today following recent weakness. Losses have been attributed to long liquidation and precipitation in the Midwest that has helped 2006 crop prospects ahead of planting. However, strong export demand and uncertainty about the 2006 crop should help the market stabilize.



Soybean futures are called steady to 1 cent higher. Overnight trade was 3/4 to 1 cent higher. We look for a small technical bounce this morning following recent weakness. However, gains are expected to be limited by bearish fundamentals. A record crop is expected in Brazil and as harvest progress expands, demand for U.S. soybeans is expected to wane.



Wheat futures are called steady to 1 cent higher. Overnight trade was steady to 3/4 of a cent higher. We look for a small technical bounce following recent losses. Precipitation in the Plains has come at a crucial time for the hard red winter wheat crop. However, more rain will be needed and the NWS calls for dry conditions this spring.



Cattle futures are called steady to higher. We look for a small short-covering bounce today as feedlots in the Plains dig out from the recent snowstorm. Slower slaughter so far this week should help beef prices stabilize. With showlists a little smaller, cash trade could hold steady this week.



Lean hog futures are called steady to mixed. Snow in the Plains and upper Midwest has disrupted marketings. This has helped cash bids hold steady so far this week, but it also is backing up hogs for later in the week. We look for choppy trade given the uncertainty in the cash market and technical factors.