Corn futures are called steady to mixed. Overnight trade was 1/4 of a cent lower to 1/2 higher. The market has held in a fairly tight range recently and that will likely continue ahead of the Thursday morning Supply/Demand report. Initial strength yesterday was said to be from concern about drying conditions in the eastern Corn Belt, but more rain has been put into forecasts.



Soybean futures are called 2 to 3 cents lower. Overnight trade was 3 cents lower. Forecasts calling for improved chances of rain in the eastern Midwest are expected to pressure prices. However, we look for some choppy trade as the market prepares for the Thursday Supply/Demand report.



Wheat futures are called 1 to 2 cent lower. Overnight trade was 3/4 of a cent higher to 2 cents lower. Some light profit-taking is expected from yesterday's strong gains. Rain is still in the forecast for the southern Plains later this week, although the outlook for the rest of May is warm and dry.



Cattle futures are called steady to lower. The June contract has been supported by its discount to cash, but weakness in beef prices and ideas that cash trade will move a little lower this week will pressure prices. Boxed beef prices were $1.62 to $2.32 lower.



Lean hog futures are called steady to lower. Cash prices have weakened this week and should be steady to mostly lower this morning. Packers have slowed slaughter schedules for maintenance and due to poor margins. However, cutouts were 46 cents higher and tightening supplies of market ready hogs could help the cash market stabilize soon.