Corn futures are called 5 to 7 cents lower. Overnight trade was 3 to 7 1/4 cents lower. December trade has been strong, but has been pulling back ahead of the year-end. Weakness in crude oil and strength in the dollar will likely pressure corn prices. Cuts in ethanol demand and slow exports have been a concern for corn fundamentally.

Soybean futures are called 4 to 6 cents lower. Overnight trade was 4 to 5 3/4 cents lower. Lower crude oil and corn are expected to pressure soybean prices, but a bullish outlook for beans will limit losses. Hot, dry weather in Argentina and southern Brazil continues and is trimming yield potential. Low freight costs are favorable for U.S. exports, and China has been a steady buyer of U.S. soybeans.

Wheat futures are called 9 to 12 cents lower. Overnight CBOT trade was 10 1/2 to 12 3/4 cents lower, and KCBT was 8 1/2 cents lower. Profit-taking from Tuesday's rally and the higher dollar will pressure prices. Exports have continued to struggle. However, the outlook for wheat is improving, with world production not likely to be as large as expected.

Cattle futures are called mixed. Activity is expected to be slow ahead of the New Year's holiday, with cash trade likely to hold off until Friday. The February contract will expire at noon, and could see some support ahead of it. Boxed beef prices were down again on Tuesday and the dollar is stronger, which will likely weigh on futures.

Lean hog futures are called lower. Tuesday's quarterly Hogs and Pigs report was somewhat bearish, particularly for deferreds. A set back in the market following yesterday's gains and ahead of the year-end will also likely weigh on futures. Cash trade is expected to be light with slaughter cut headed into the New Year holiday.