Corn futures are called steady to 1 cent lower. Overnight trade was 1/2 to 3/4 of a cent lower. Light technical buying supported prices on Tuesday, but the market has yet to push through resistance and fundamentals news remains limited. Large stocks of coarse grains globally is an underlying bearish factor.



Soybean futures are called steady to 1 cent lower. Overnight trade was 1/4 to 1/2 of a cent lower. Gulf basis remains volatile and yesterday's drop pushed futures lower. We look for some follow-through selling today. Crop conditions in South America are generally favorable.



Wheat futures are called steady to 1 cent lower. Overnight trade was 1/4 of a cent higher to 1/2 lower. The lack of news will likely lead to some choppy trade, but mostly lower action is expected on the open. Export demand remains a concern and traders will be watching on Thursday to see how much wheat the EU subsidizes.



Cattle futures are called steady to slightly higher. Some buying interest may be generated from ideas of firm cash trade this week and that the beef market is bottoming. Boxed beef prices were 14 to 19 cents lower yesterday. Gains will be limited by Swift Co. slowing slaughter at a Texas plant.



Lean hog futures are called lower. Weak cash markets and yesterday's $0.98 drop in cutouts will be negative factors. Technicals are looking more bearish. Packers' margins remain very tight and packers are not willing to chase after hogs.