Corn futures are called 1 to 2 cents higher. Overnight trade was 1 1/4 to 1 3/4 cents higher. Light strength is expected on the open, but futures are expected to hold in a fairly tight range. Fundamental news is limited and outside markets remain a big influence on corn trade. The stock market is expected to open slightly higher and crude oil was firm overnight.



Soybean futures are called 3 to 4 cents higher. Overnight trade was 3 to 4 1/4 cents higher. Export demand remains a supportive factor and there was trade talk yesterday of fresh export business with China. Outside markets could provide light support. The stock market is expected to open slightly higher and crude oil was firm overnight. In addition, China's soybean futures and Malaysian palm oil prices were firm last night.



Wheat futures are called steady to 1 cent higher. Overnight CBOT trade was 3/4 of a cent lower to 3/4 higher and the KCBT was 1/4 of a cent to 1 1/4 cents higher. Spillover support from corn and soybeans and short-covering should provide some light support. Dry conditions in the southern Plains remain an underlying bullish factor as moisture needs for the crop will increase as the crop breaks dormancy. Gains will be limited by sluggish export demand and indications that U.S. wheat is overpriced on the world market.



Cattle futures are called steady to higher. Light follow-through buying is expected after the gains posted on Tuesday. With the stabilized equity markets yesterday, short-covering was seen in the cattle pit. Choice boxed beef prices have stabilized, although at a low level, and cattle supplies are tightening. This should help the cash market trade at least steady this week, which is improved from cash ideas earlier in the week.



Lean hog futures are called steady to lower. The cash market remains weak as packers lower bids amid poor margins. Pork cutouts were down another 17 cents on Tuesday. However, futures are technically oversold and due for a bounce. If equity markets can move higher this morning as expected, a short-covering rally is possible for lean hogs.