Corn futures are called 1 to 2 cents lower. Overnight trade was 1 1/2 to 2 cents lower. The market was lower overnight as traders were giving back some of Tuesday's gains. However, losses should be limited by spillover strength from soybeans, firm crude oil trade overnight and uncertainty about the weather that will raise concern about potential planting delays. Rains are forecasts for the Delta and southern and eastern Corn Belt this weekend and early next week.



Soybean futures are called 4 to 5 cents higher. Overnight trade was 4 1/2 to 5 1/4 cents higher. Bullish momentum is expected to continue to support the market. Old-crop stocks remain tight and export demand, especially from China, remains strong. New-crop futures have been pulled higher by old-crop gains and new-crop months are gaining on corn as the crops compete for acreage this spring.



Wheat futures are called 3 to 4 cents higher. The CBOT and KCBT were 3 1/2 to 4 1/4 cents higher overnight. Spillover support from soybeans and expectations for the stock market to rebound slightly this morning will help push prices higher. However, gains will be limited by ample world wheat stocks and forecasts for some improved weather conditions for winter and spring wheat areas. Rainfall in the central and southern Plains should benefit HRW wheat conditions and drier weather in the northern Plains will help spring wheat planting progress.



Cattle futures are called higher on the open. The market is expected to rebound from the losses yesterday due to the sharp jump in boxed beef prices on Tuesday that will give feedlots some bargaining power for cash trade negotiations this week. Choice cutouts were up $2.35 and Select cuts gained $2.53. Retail buying appears to be improving seasonally and further improvement is expected as spring weather improves.



Lean hog futures are called steady to higher. Cash bids are expected to be steady to firm as numbers of market ready hogs continue to tighten while pork cutouts work higher. Pork cutout prices were 67 cents higher on Tuesday. Gains could be limited by uncertainty about the economy and thus pork demand and technical weakness following yesterday's losses.