Corn futures are called 1 to 2 cents higher. Overnight trade was 1/4 to 2 1/2 cents higher. The ability of the March contract to push above near-term resistance on Tuesday has set the stage for a run at contract highs posted in January. However, fresh fundamental news remains limited. Funds are heavily net long, but have so far not been forced to do much long liquidation.

Soybean futures are called steady to 1 cent higher. Overnight trade was 1/2 of a cent lower to 1 1/4 higher. The market is expected to be in consolidation mode today following the gains posted on Tuesday. Technically the market is strong despite generally bearish old-crop fundamentals. NOPA crush will be released this morning and traders are looking for a number around 149 million bushels.

Wheat futures are called steady to 1 cent higher. Overnight CBOT trade was steady to 1 1/4 cents higher in most active months and the KCBT was 3/4 to 2 cents higher. The market remains in a tight sideways trading range and will likely remain that way this morning. Call for firm corn trade will be supportive, although favorable hard red winter wheat crop prospects will limit strength.

Cattle futures are called higher on the open. The market rallied to new contract highs on Tuesday and beef prices continue to climb. Boxed beef prices were up $2.13 to $3.13 on Tuesday. Weather stress will continue to be an underlying supportive factor as feedlots deal with rain, ice, and snow.

Lean hog futures are called steady to higher. Improved packer margins should keep cash markets steady to firm today as marketings will be limited by wintery weather. Gains are expected to be limited by some profit-taking and concern that backed up hogs will eventually weigh on the cash market.