** OPENING GRAIN CALLS **  Corn: 3 to 4 cents lower; cautious ahead of Thursday's S&D Report.  Wheat: 6 to 7 cents lower; fresh demand news needed.  Soybeans: 3 to 5 cents lower; beneficial rains in South America....

March corn was trading 3 3/4 cents lower late in the overnight session. Outside market forces look bearish this morning with weakness in metal and energy markets and a firm US dollar....

March soybeans were trading down 4 cents late in the overnight session. China futures closed up slightly overnight. Asian equity markets were mixed to lower overnight, with Australian equity markets apparently disappointed by steady interest rate policy from the RBA....

March wheat traded 8 cents lower late in the overnight session. Outside market forces look negative this morning with a firm US dollar and weakness in metal and energy markets....

March Soybeans finished up 1/2 at 1233, 11 off the high and 2 1/4 up from the low. May Soybeans closed up 1 1/4 at 1242. This was 3 up from the low and 10 1/4 off the high. March Soymeal closed down 1.1 at 327.5. This was 2.2 up from the low and 3.5 off the high....

March Wheat finished up 7 3/4 at 668 1/2, 1/2 off the high and 12 1/4 up from the low. July Wheat closed up 3 at 692. This was 8 up from the low and 3 1/4 off the high....

March Corn finished down 1/4 at 644 1/4, 4 1/4 off the high and 5 up from the low. May Corn closed up 1/2 at 651 1/4. This was 5 1/2 up from the low and 3 1/4 off the high. March corn closed slightly lower on the session after choppy and two-sided trade....

Soybean futures favored a firmer tone throughout the day, but faded late. Futures closed 1/2 to 2 cents higher. Early support was tied to expectations USDA will lower its South American soybean crop estimates in Thursday's Supply & Demand Report....

March soybeans opened 5 1/4 cents higher on the session at 1237 3/4 and established an early range of 1231 to 1244. Continued talk of strong demand from China and others for US soybeans plus positioning ahead of the USDA supply/demand report for release on Thursday...

March wheat opened 3 1/2 cents higher on the session at 664 1/4 and established an early range of 658 1/4 to 667 1/2. Talk of cold weather returning to Russia in the extended forecast models and continued ideas that the US is more competitive on the world export market...