Corn futures are called steady to mixed. Overnight trade ended 1/4 of a cent lower to 3/4 higher. Yesterday's technical bounce was small and until there is some help from export demand rally attempts will likely be limited. Large U.S. stocks of corn and worldwide stocks of feed grain remain bearish factors.



Soybean futures are called 1 to 2 cents lower. Overnight trade was 1 1/4 to 2 cents lower. Market fundamentals remain bearish despite yesterday's small technical bounce. Rising gulf basis levels will be supportive, but concern remains about Chinese demand shifting to South America and the large U.S. stocks.



Wheat futures are called steady to mixed. Overnight trade ended 1/4 of a cent lower to 1/2 higher. Global export demand has picked up and the U.S. is picking up some business, but generally prices are too high and most of the business is going to competitors.



Cattle futures are called steady to lower. Spillover weakness is expected to weigh on the market as traders wait for cash trade to develop. Beef cutouts turned lower yesterday, losing $0.85 to $1.80.



Lean hog futures are called steady to mixed. We look for some choppy trade. Cash markets are called steady to lower as packers have adequate supplies and cutouts fell 56 cents yesterday.