Corn futures are called mixed on the open. Overnight trade was steady to 1/2 cent higher. Futures lost enough upward momentum on Tuesday to suggest a more defensive trading pattern may develop as the market begins looking ahead to the October 12 Crop Production report. Harvest activity is expanding this week, but rain in the northern and eastern Corn Belt will limit progress there the next few days.



Soybean futures are called steady to 1 cent higher. Overnight trade was steady to 1 3/4 cents higher. Some consolidation trade is expected after recent losses. However, buying interest will be limited by harvest activity and ideas that this year's crop could be near record large. Weakness in energy markets including crude oil weighed on soybean oil and soybean Tuesday. The direction of the market today will remain an influence on soybeans.



Wheat futures are called 1 to 2 cents higher. Overnight CBOT trade was 1 to 3 cents higher and the KCBT was 1/2 to 3/4 cent higher. Some higher trade is expected on the open following yesterday profit-taking weakness. The market trend remains higher although fundamental news is mixed. Iraq has confirmed some export business with the U.S. On the other hand, rainfall in Argentina and forecasts for rain in Australia could help the crops there although production prospects remain poor.



Cattle futures are called steady to mixed. The futures market turned strongly lower Tuesday on concerns that negative packer margins will prompt a slowdown in the slaughter pace. The futures market is likely to be choppy today as traders wait for a better feel for the cash market. Current ideas are for firm prices with last week.



Lean hog futures are called mixed on the open. Cash is called steady to firm again today as packers continue aggressive slaughter schedules. Active harvest activity in the western Corn Belt is limiting marketings. However, the 69 cent drop in cutouts and tightening packer margins should limit gains in the cash market and buying interest in futures.