Corn futures are called steady to 1 cent higher. Overnight trade was 1/2 of a cent lower to 1/4 higher. Futures dipped to new lows yesterday, but were able to hold above psychological support at $2.00 on the March contract. Funds are heavily short so some short-covering at current prices is expected.



Soybean futures are called 2 to 3 cents higher. Overnight trade was 1 1/2 to 2 1/2 cents higher. After two days of strong losses, we look for a small technical bounce on the open. Fund selling has been heavy but with futures sitting on technical support levels we look for prices to move slightly higher on the open.



Wheat futures are called 1 to 2 cents higher. Overnight trade was 3/4 to 1 1/2 cents higher. After dipping to new lows in most contracts yesterday, we look for some light technical buying. Export competition is expected to be strong, but so far this marketing year sales have beaten expectations.



Cattle futures are called steady to higher. Wintery weather in the Plains is expected to limit marketings and could support futures again this morning. On the other hand, boxed beef prices slipped yesterday with losses of $0.33 to 1.33.



Lean hog futures are called steady to higher. Snow and ice will slow marketings in parts of the Midwest and Plains. Cash prices have moved higher this week and packers will have yesterday's $1.44 jump in cutouts to work with.