Corn futures are called 1 to 2 cents lower. Overnight trade was 1 to 2 1/2 cents lower. Light selling pressure is expected on the open. The market is beginning to discount the Prospective Plantings number as too low with the soybean to corn price relationship shifting in order to attract additional corn plantings.



Soybean futures are called 1 to 2 cents lower. Overnight trade was steady to 2 1/2 cents lower. Bearish fundamentals are expected to continue to pressure futures. Large old-crop supplies and ideas of a jump in acreage this spring are bearish factors. However, ideas that funds could buy at any time and inflation concerns will limit losses.



Wheat futures are called steady to mixed. Overnight CBOT trade was 1/4 of a cent higher to 1 cent lower while the KCBT traded 1/4 to 3/4 of a cent lower. After the close yesterday, USDA released winter wheat condition ratings. Soft red winter wheat conditions are near normal, but hard red winter wheat was below normal. However, the poor HRW conditions were largely expected and should show some improvement due to recent rainfall.



Cattle futures are called steady to higher. Futures discount to cash and cutout values showing some improvement yesterday are expected to support the market. There is some optimism that demand will improve after Easter. Cattle futures have appeared to have finally bottomed.



Lean hog futures are called steady to higher. Hog supplies should begin to decline seasonally in the near future and the Hogs and Pigs report suggests that slaughter could be about steady with a year ago. However, gains in the futures market will be limited until the cash market can turn higher. Cash hogs are expected to be steady to mixed this morning.