Corn futures are expected to open 1 1/2 to 2 cents higher Wednesday. The December contract was 2 1/4 cents higher overnight to $3.23. Chart resistance from $3.34 to $3.35 1/2 remains intact. Profit taking and light long liquidation by the funds pressured futures Tuesday. Weakness in the oil complex was also a factor. However, after grain futures closed, crude oil rebounded late in the session to close higher. It appears that helped support corn in the overnight session.



Soybean futures are called steady to 2 cents higher. January futures were 1/2 cent higher in overnight trade. Deliveries against November futures remain high at 2,013 contracts. Harvest delays and quality concerns in the eastern Corn Belt are supportive along with a late recover Tuesday in the energy complex. Dry conditions are expected to prevail across much the Corn Belt the next few days before light rain returns early next week.



Wheat futures are expected to open 1 1/2 to 3 cents higher. The Chicago December contract was up 3 1/4 cents in overnight trading to $4.86 while Kansas City December was up 2 1/2 cents. Futures turned in a weak technical performance Tuesday with futures moving to three week lows. With month end profit taking out of the way, prices may stabilize, but given tight global supplies, lagging U.S. export demand remains a concern.



Cattle futures are called 20 to 30 points lower on follow-through from Tuesday's weak close and traders rolling long positions from nearby December to more deferred contracts. Firm beef prices should provide modest support. The choice cutout rose .28 to 148.05 Tuesday. After a sharp drop the past three sessions, prices are due for a bounce.



Lean hog futures are called steady to slightly higher Wednesday morning. Tuesday's slaughter is estimated at 422,000 head and the pork cutout rose .50 to 66.68. Even so, after the steep gains recently and with December futures up against the September high at $65.60, futures are vulnerable to a correction. Packers have been aggressive buyers so far this week. Thin margins, though, may curb their appetite for hogs as the week progresses.