Corn futures are called steady to 1 cent higher. Overnight trade was 1/4 to 1 cent higher. Improved export demand and fading bird flu concerns should provide some support. However, gains may be limited by technical resistance that sits just above the market at $2.10 on the March contract.



Soybean futures are called steady to 1 cent lower. Overnight trade was 1/4 to 1 1/4 cents lower. Light consolidation trade is expected following the gains on Monday when the market rallied as technical resistance was broken. Weather conditions remain a little dry in Argentina, but there are no major problems as of yet.



Wheat futures are called 1 to 2 cents higher. Overnight CBOT trade was 1 cent higher. The large short position held by the fund in Chicago is expected to encourage some short-covering ahead of the holidays. At the KCBT, HRW crop conditions continue to struggle as the southern Plains are dry and cold snaps raise winterkill concerns.



Cattle futures are called steady to mixed as the market waits to get a handle on the cash market. Boxed beef prices continue to rise and feedlots will try to push prices higher than the $94-$95 trade last week. Some caution is expected in futures ahead of Friday's Cattle on Feed report.



Lean hog futures are called steady to mixed. Cash hog prices continue to decline and hog slaughter is large, but profit-taking and position evening ahead of the holiday's and Hogs and Pigs report will offer some support.