Corn futures are called steady to 1 cent lower. Overnight trade was steady to 3/4 cent lower. The December contract is sitting just below technical resistance. Strong demand projections will be supportive although the market will still need to work through harvest at some point of what is expected to be the second largest crop on record. Harvest progress looks like it will be slowed by more rain in the Midwest and cool weather that is slowing crop maturity.



Soybean futures are called steady to 1 cent higher. Overnight trade was 1/2 to 1 1/4 cents higher. Light support is expected to come from slow harvest progress given the cool and wet Midwest weather that has helped cash basis levels firm. However, underlying fundamentals remain bearish. Crop production estimates are large and old-crop stocks remain hefty. Little frost damage is expected from the cool temperatures in the northwestern Corn Belt overnight.



Wheat futures are called steady to 1 cent higher. Overnight CBOT trade was 1/4 to 1 1/4 cents higher in the front-end contracts and the KCBT was 1/4 of a cent lower to 1 1/4 cents higher. The market was choppy on Wednesday and we could see more of that today. Global supply/demand fundamentals remain bullish, but traders will need to see improved demand for U.S. wheat to sustain a higher price trend. Also limiting buying interest will the generally favorable planting weather in the Plains.



Cattle futures are called steady to lower. Follow-through selling from yesterday's break and declining beef prices will be bearish factors. Cash markets are expected to move lower this week as packer margins are poor and boxed beef prices fell another $1.62 to $2.17 on Wednesday. However, losses could be limited by some short-covering and positioning ahead of the Cattle on Feed report due out on Friday.



Lean hog futures are called steady to lower. Declining pork cutout values and ideas of lower cash bids again today will weigh on futures. Pork cutouts were down $1.07 on Wednesday. While we look for the bearish momentum to continue, losses could be limited by futures discount to the lean hog index and caution ahead of the Cold Storage report due out this afternoon.