Corn futures are called 5 to 6 cents lower. Overnight trade at 6:45 am CT was 5 1/2 to 6 cents lower. Follow-through selling and some outside market pressure are weighing on the futures market. Dow Jones futures and crude oil were trading lower overnight while the dollar index was higher. Some early harvest reports have been better than expected. However, losses are expected to be limited by the recent declines in USDA’s crop production and ending stocks estimates.

Soybean futures are called 6 to 7 cents lower. Overnight trade at 6:45 am CT was 6 to 6 3/4 cents lower. Outside markets and the lack of fresh news is expected to push soybean futures lower this morning. Dow Jones futures and crude oil traded lower overnight while the dollar index was higher. USDA raised their production and ending stocks estimates on Monday. However, some concern about frost damage later this week in the upper Midwest should help limit losses or could provide some support during the session.

Wheat futures are called mixed on the open. Overnight trade at 6:45 am CT was 2 cents higher at the CBOT, 7 cents lower at the KCBT and 5 3/4 cents lower at the MGE. The CBOT is rebounding from technically oversold levels. The idea that the drop in prices could spur some commercial buying is supportive. However, strength in the dollar, weakness in corn and the bearish global supply/demand outlook is expected to limit gains or weigh on some contracts.

Cattle futures are called steady to mixed as futures trade wait for the cash market to develop for further direction. Boxed beef prices continue to move higher with choice cutouts up $2.34 and select cuts up $1.02 on Tuesday. Cash trade is expected to be up $1-$2 higher this week. Gains could be limited by strength in the dollar and weakness in Dow Jones futures overnight.

Lean hog futures are called steady to mixed. Front end futures could find light support from the 56 cent jump in pork cutouts on Tuesday and the firm tone in the cash market this week. However, deferred contracts could come under pressure this morning by further weakness in corn and strength in the dollar which is bearish for pork exports.

Cotton futures are trading lower this morning. The market remains in a trading range and after some gains on Tuesday, futures are setting back. Outside markets are providing some pressure for commodities this morning.

At 6:30 am CT, December cotton was 94 points lower.