Corn futures are called 4 to 5 cents higher. As of 6:30 am CT (overnight trade now extends to 7:15), overnight trade was 4 to 4 1/2 cents higher. Spillover support from soybeans and outside markets are expected to support the futures market. Crude oil was higher overnight as were Dow Jones futures while the dollar index was lower. However, gains will be limited by the much larger than expected acreage estimate from USDA on Tuesday and bearish weather conditions and forecasts for the next week or two.



Soybean futures are called 20 cents higher. At 6:30 am CT, overnight trade was 17 1/2 to 22 1/2 cents higher. The market has rallied strongly off of the lows posted early on Tuesday. Despite a larger than expected June 1 stocks figures, old-crop soybean supplies are tight. New-crop is being pulled higher as well and USDA's acreage number was a little below trade expectations. Outside market strength is also expected to contribute to a rally this morning.



Wheat futures are called 7 to 8 cents higher. Overnight trade (as of 6:30 am CT) at the CBOT was 8 to 8 1/2 cents higher and the KCBT was 5 3/4 to 7 cents higher. Strength in soybeans and outside markets are expected to help wheat futures rally. Forecasts for some harvest delaying rains in the Plains will also be supportive. However, gains will be limited by the bearish wheat acreage estimates from USDA on Tuesday and generally sluggish export demand. Global wheat supplies remain ample and U.S. wheat is struggling to stay competitive.



Cattle futures are called steady to mixed as traders wait for cash trade for direction. The market currently is looking for steady to $1 higher trade compared to the $82 last week. Boxed beef movement has been decent early this week, but with wholesalers completing fourth of July holiday needs, demand and beef prices are likely to slip again.



Lean hog futures are called lower on the open. Pork cutouts dropped $1.72 on Tuesday. Packer bids are expected to be pressured by the sluggish demand for pork and poor margins. The break in corn prices was bearish for deeper deferred contracts on Tuesday, but a small bounce in corn prices is expected today which could lead to some short-covering.