Corn futures are called mixed. Overnight trade was 1/4 of a cent higher to 1/4 lower. Long liquidation has pressured prices recently, but support on the December contract has held in the $2.50 area. We look for some consolidation trade today and tomorrow ahead of the USDA Production report.

Soybean futures are called steady to 1 cent higher. Overnight trade was 1/2 to 1 cent higher. We look for some light technical buying following recent losses as traders even positions ahead of the Crop Production report due out Friday. However, with most of the crop in the pod-filling stage, recent rainfall, moderate temperatures, and forecasts for more rain should help yields.

Wheat futures are called 1 to 2 cents lower. Overnight CBOT trade was 1/2 cent higher to 2 1/2 cents lower and the KCBT was 3/4 to 1 cent lower. Futures at the KCBT broke below chart support on Tuesday, opening the door for further long liquidation. Prospects for improving moisture in the Plains will also weigh on futures. We look for some choppy trade over the near-term as the tight domestic and world supply/demand situation offer support under the market.

Cattle futures are called higher. Cash trade has yet to develop, but we are looking for firm trade compared to last week. Packers have increased slaughter and will need supplies. Rising beef prices should help margins with another $1.82 to $2.30 jump yesterday. However, futures premium to recent cash trade could limit gains.

Lean hog futures are called steady to mixed. Cash trade is called mostly steady, but packer bids could lean lower in some areas. Packer margins have tightened with the higher cash trade and yesterday's 91-cent drop in pork cutouts. Underlying support could come from futures discount to the lean hog index.