Corn futures are called steady to mixed. Overnight trade was 1/4 of a cent lower to 1/2 higher. The market has been moving lower and slipped to 6 1/2 week lows yesterday. Fundamentally and technically futures are weak, but the market may take a breather ahead of the USDA reports due out on Friday.



Soybean futures are called steady to 1 cent higher. Overnight trade was 1/4 of a cent lower to 1 1/4 cents higher. Support levels were able to hold on Tuesday and the market made a technical correction. The average trade estimate for ending stocks that will be revised by USDA on Friday is 368 million bushels, down from 410 million last month.



Wheat futures are called 1 to 2 cents higher. Overnight trade was 1 1/4 to 2 1/4 cents higher. Favorable winter wheat conditions, increased spring wheat planting intentions and sluggish exports remain bearish factors. But we look for prices to move higher amid technically oversold conditions.



Cattle futures are called steady to mixed. Traders will be watching to see how the cash market develops. Packer margins remain poor, but feedlots have been able to hold out for higher prices recently. Boxed beef prices were $0.92 to $1.17 higher yesterday, which may help give feedlots some resolve to hold out for firm cash bids.



Lean hog futures are called steady to lower. Following yesterday's large run, packers are expected to lower cash bids today. The increased slaughter weighed on pork prices, pushing cutouts down 89 cents.