Corn futures are called steady to 1 cent lower following overnight trade that ended that way. Technical support has been broken and precipitation in the Midwest will help 2006 crop prospects. However, we look for some choppy trade today as the market consolidates recent losses ahead of the planting season and next week's Prospective Plantings report.



Soybean futures are called 2 to 3 cents higher. Overnight trade was 2 1/2 to 3 1/2 cents higher. The market bounced overnight and we look for a firm open on light fund buying interest. However, gains will likely be limited by bearish fundamentals and ideas that the spread of bird flu will hamper soybean meal demand.



Wheat futures are called 3 to 5 cents lower. Overnight trade was 2 1/4 to 6 cents lower. Rain in the Plains this weekend will weigh on the market. Eastern Oklahoma and much of the HRW areas of Texas received good rainfall although amounts were relatively light in western Kansas. Losses are expected to be limited by the National Weather Service outlook for dry weather in the central and southern Plains this spring.



Cattle futures are called steady to higher. Cash trade was mostly steady last week and winter weather in central Plains will slow rate of gains and marketings. However, fundamentals remain mostly bearish with sliding beef prices and ample cattle supplies. Boxed beef prices were $0.33 to $1.35 lower on Friday.



Lean hog futures are called mixed this morning. Support is expected from short-covering and ideas that the wintery weather will slow marketings in the upper Midwest. However, cash fundamentals look mostly weak with pork cutouts down 73 cents on Friday. After the weather clears, cash bids will likely decline again.