Corn futures are called steady to 1 cent higher. Overnight trade was 1/4 to 1/2 of a cent higher. Light speculative buying and firming basis levels will offer some support. Routine export demand and limited country movement are supporting basis levels. Ideas of decreased corn acreage this spring will be an underlying supportive factor.



Soybean futures are called steady to 1 cent lower. Overnight trade was 1/4 to 1 1/4 cents lower. Market moving news is limited, but traders will continue to watch South American weather. Recent rain in some drier areas of Brazil will be beneficial, but Argentina is expected to be warm and dry. Strong demand from China has been supportive the past two trading sessions.



Wheat futures are called steady to 1 cent higher. Overnight trade was 1/2 to 1 cent higher. Profit-taking and the inability to push through technical resistance weighed on futures yesterday. However, poor crop conditions in the southern Plains and potentially damaging cold in the former Soviet Union will be supportive factors.



Cattle futures are called mixed this morning. The market is still trying to make sense of the Canadian mad cow case and the reimposed ban on U.S. beef imports by Japan. Ideas of higher cash trade this week due to tight supplies of market ready cattle and firming boxed beef values will provide some support.



Lean hog futures are called higher. Futures closed well off the lows yesterday and we look for some buying interest on the open. Cash markets are called firm again as packers are in need of supplies. Pork cutouts were up 11 cents yesterday, but further strength will be needed to extend the rally in cash much.