Corn futures are expected to open about 3 cents lower Wednesday morning. Most corn contracts were down about 3 1/2 to 3 3/4 cents in the overnight trading session. The market faces technical pressure after dropping sharply on Monday. Futures have fallen about 20 cents from the late November contract highs, contributing to increasing anxiety among speculative longs.



Soybean futures are called 5 to 6 cents lower after declining several cents in the overnight session. January was down 6 1/2 cents in overnight electronic trading at $6.57 3/4. Favorable South American weather and the recent setback in corn prices are the major negative fundamentals. The market remains vulnerable to further speculative long liquidation following topping action since late November.



Wheat futures are expected to open several cents lower Wednesday morning in sympathy with weakness in corn and soybeans. In the overnight trading session, Chicago March was down 7 cents and Kansas City March was down a nickel. A report that Russian wheat production will be a little larger than previous expectations is a negative factor.



Cattle futures are called steady to 20 points higher on follow through from Tuesday's strong close. Packers have stepped up the slaughter pace this week and choice boxed beef cutout values were 25 cents higher Tuesday afternoon to lend fundamental support. Expectations for the cash market have turned decisively firm to higher this week, suggesting the possibility that last week's cash prices will put a bottom in the market.



Lean hog futures are called 10 to 20 points higher Wednesday morning. Cutout values climbed 92 cents Tuesday afternoon providing solid fundamental support for the cash market. Hog supplies appear a bit lighter this week following the recent heavy slaughter pace. The February futures contract faces near term chart resistance in the area of $64.40 to $64.55.