Corn futures are called 2 to 3 cents higher. Overnight trade was 1 1/4 to 2 3/4 cents higher. Renewed speculative buying interest is expected to support the market following yesterday's strong rally. Fresh fundamental news remains limited, but longer-term supply/demand balance sheets remain bullish.



Soybean futures are called 2 to 3 cents higher. Overnight trade was 1 to 3 cents higher. Strength in corn is again expected to provide spillover buying in soybeans again on the open. Technical strength and speculative buying is expected despite the bearish supply fundamentals as soybeans continue to try to keep pace with corn.



Wheat futures are called 2 to 3 cents higher. Overnight CBOT trade was 2 1/4 to 4 cents higher and the KCBT was 3/4 to 2 cents higher. Spillover strength from corn is expected to offer support this morning after a reversal from early lows left a near term bottom on the charts on Tuesday. Wet weather in the eastern Corn Belt will probably trim soft red winter wheat acreage from earlier expectations.



Cattle futures are called steady to mixed as traders wait for the cash market to develop. Despite the surge in the corn market, fundamentals are turning more positive. Boxed beef cutout values are improving and should remain firm and the Cattle on Feed report due out on Friday is expected to show a decline in October placements.



Lean hog futures are called steady to mixed. The market struggled to a mixed close on Tuesday after trading lower most of the session. Near-term cash fundamentals remain bearish as packer demand remains weak. However, rising corn prices are supportive to deferred futures on ideas the higher feed costs will decrease hog numbers.