Corn futures are called 1 cent higher. Overnight trade was 3/4 of a cent to 1 cent higher. Light strength is expected this morning as some rain moves through the southern and eastern Corn Belt. But gains will be limited by forecasts showing a period of warmer and drier weather mid to late next week that should help planting progress. Given the mixed weather, trade could be choppy with influence from outside market. Dow Jones futures were a little lower overnight, but crude oil traded higher.



Soybean futures are called 8 to 10 cents higher. Overnight trade was 5 1/2 to 9 3/4 cents higher. Bullish old-crop fundamentals will be supportive as stocks are tight and as soybean and soybean meal demand remains strong. The decline in production estimates for Argentina is a favorable development for U.S. exports. Weather and planting progress is mixed as rain moves into the eastern Midwest while forecasts call for a period of warmer and drier weather next week that should help planting progress.



Wheat futures are called 1 to 2 cents higher. Overnight CBOT trade was 3/4 to 1 3/4 cents higher and the KCBT was 3/4 of a cent higher. The very slow pace of spring wheat planting progress and forecasts for some more wet weather in the northern Plains will be supportive. The Wheat Quality Council's tour of Kansas has so far showed good yield potential, although further south there is still concern about damage from the early April freeze. Heavy rains in in the southern Midwest and wet conditions in much of the SRW belt raises yield and disease concerns.



Cattle futures are called steady to mixed. Boxed beef prices continue to fall with choice cutouts down $1.82 and select cuts down 97 cents on Tuesday. But spillover support from a rebound in pork prices and expectations for improved wholesale demand ahead of the Memorial Day holiday will be supportive.



Lean hog futures are called higher on the open. Pork cutout values were able to jump $1.34 on Tuesday, which should help ease concerns about the H1N1 hurting pork demand. Cash prices have been moving lower, but if pork can rebound the cash market should also rebound. Look for futures to find support from continued short-covering and the bounce in pork prices.