Corn futures are called steady to mixed. Overnight trade was steady to 1/2 of a cent lower. Prices held up fairly well given the recent rally and we look for some choppy action today as traders look for direction. Rally attempts are expected to be countered by increased country movement.



Soybean futures are called 2 to 3 cents lower. Overnight trade was 1/2 of a cent higher to 3 3/4 cents lower. After opening lower, prices were able to pull back near steady at the close yesterday. Weekend rainfall in southern Brazil is expected to be light and scattered. NOPA crush was slightly bearish compared to expectations at 148.5 million bushels.



Wheat futures are called mixed. Overnight trade was 1/2 of a cent higher to 3/4 lower. Funds continued to cover short positions at the CBOT and KCBT, but the MGE was lower ahead of delivery on March contracts. We look for some choppy trade today as traders wait for more fundamental news. Weekly export sales will not be released until Friday morning.



Cattle futures are called steady to lower. Cash trade is expected to be steady to $1 lower this week as packer margins remain poor. Beef prices continue to struggle and boxed beef prices were 9 cents higher to 56 cents lower yesterday. The quickly approaching March 7 date for opening the Canadian border will also be a negative factor.



Lean hog futures are called steady to lower. Cash markets are called steady to mixed as packers opt to slow slaughter rather than raise bids amid tightened margins. Pork cutouts were down $1.15 on Wednesday. In addition, futures remain at a strong premium to cash.