Corn futures are called steady to mixed. Overnight trade was 1/4 to 1/2 of a cent higher. Futures were able to bounce a little yesterday, rebounding from recent weakness. Forecasts for rainfall in Argentina will be an underlying bearish factor, but we look for trade activity to be limited ahead of the USDA reports due out Thursday morning.



Soybean futures are called steady to 1 cent higher. Overnight trade was 1/4 of a cent lower to 1 1/2 cents higher. Technical selling and some much needed rainfall in South America kept the market on the defensive yesterday. Some light short-covering is expected this morning ahead of the 2005 Crop Production, Supply/Demand and Quarterly Stocks reports.



Wheat futures are called mixed. Overnight trade was 1/2 of a cent higher to 1 3/4 cents lower. The market found support yesterday on some fund buying interest. Trade activity is expected to limited today as traders even positions ahead of the Winter Wheat acreage and other USDA reports due out Thursday.



Cattle futures are called steady to higher. Technical strength and fund buying interest is expected to hold futures firm on the open. Cash trade has not developed yet this week, but near steady trade is currently expected. Boxed beef prices were 18 to 72 cents higher on Tuesday.



Lean hog futures are called lower on the open. Spillover selling from Tuesday when front end contracts were down the limit is expected to weigh on prices. Cash bids have turned lower as packer margins have narrowed. Pork cutouts were $1.48 lower on Tuesday.