Corn futures are called steady to mixed. Overnight trade was steady to 1/4 of a cent higher. Technical buying has pushed prices slightly higher the past two sessions, but psychological resistance remains just above the market at $2 on the March contract. We look for prices to drift sideways unless there is some supportive export news.



Soybean futures are called 1 to 2 cents lower. Overnight trade was 1 to 3 cents lower. Firm gulf basis supported prices yesterday as barge traffic has been disrupted by the weather and farmer selling remains light. However, we look for a lower open as China and Brazil have come to an agreement on some trade issues that could begin the shift of Chinese demand from the U.S. to Brazil.



Wheat futures are called steady to 1 cent higher following overnight trade that ended that way. The recent uptick in export business and firm basis levels should offer some light support to futures. However, stiff global competition is expected to limit buying interest.



Cattle futures are called steady to mixed as traders wait for cash trade prospects to become clearer. Asking prices and bids remain $5-$6 apart. Boxed beef prices showed signs of stabilizing yesterday, but still ended $0.45 to $1.06 lower.



Lean hog futures are called 25-50 cents higher. Cash markets are called steady to firm following mostly higher bids yesterday. USDA's weekly pork belly movement report showed out-movement at 2.3 million pounds versus expectations of 1.5 to 3 million pounds of in-movement.