Corn futures are called steady to 1 cent lower. Overnight trade was 1/4 to 1 1/4 cents lower. The market fell from the highs yesterday, but held firm thanks to wheat. We look for light weakness today on consolidation from recent gains. Trade activity is expected to slow as traders begin to take off for the holidays.

Soybean futures are called 4 to 5 cents lower. Overnight trade ended 3 3/4 to 5 1/2 cents lower. Futures broke above resistance earlier this week and were higher most of Tuesday, but fell when fund buying slowed. Generally bearish fundamentals are expected to weigh on the market. However, technically the market is still holding above the recent breakout level.

Wheat futures are called 2 to 3 cents lower. Overnight trade was 2 3/4 cents lower. Fund short-covering has been a supportive factor for the CBOT recently. However, calls for lower corn and soybean prices are expected to weigh on the CBOT. Dry weather remains a concern for the HRW crop and the KCBT, but spillover weakness is expected to weigh on futures this morning.

Cattle futures are called higher on the open. Firm cash trade will be a supportive factor for futures. Trade developed yesterday at $97 live, up $2 from last week, and $155-$157 dressed, up $2-$4. Deferred contract gains are expected to be limited by caution ahead of Friday's Cattle on Feed report.

Lean hog futures are called steady to mixed. Cash markets are called mostly steady as activity slows ahead of the holidays. Some spillover buying is likely in the futures market as traders cover positions ahead of the holiday weekend and the Hogs and Pigs report due out next week.