Corn futures are called 1 to 3 cents lower. Thursday’s Supply/Demand report was mostly bearish for corn adding pressure to prices. Old crop stocks were expected to be down 52 million bushels, but instead were raised 50 million to 851 million. New crop ending stocks came in at 1.881 billion bushels versus trade expectations of 1.714 billion.

Soybean futures are called 16 to 20 cents lower. The rally in the soybean market was stalled in overnight trade due mostly to profit taking. Thursday’s Supply/Demand report was fundamentally bullish with both ending stocks for both old and new crop lower than expected. Exports for 2011/12 were raised 25 million bushels to 1.315 billion bushels and 2012/13 are pegged at 1.505 billion.

Wheat futures are called 1/2 to 3 cents lower. Yesterday’s Supply/Demand report was bullish for wheat but spillover pressure from a bearish corn report weighed on prices. World and U.S. ending stocks were lower than expected. New crop winter wheat is up 13% at 1.69 billion bushels.

Cattle futures are called lower. Look for prices to be pressured by uncertainty in the cash market and struggling beef prices. Choice was down $1.59 and select was down $2.09. Spillover pressure from corn and hog markets are weighing down cattle prices.

Lean hog futures are called lower. Spillover pressure from the corn market remains a bearish factor. However, losses should be limited by the increase in U.S. pork exports and renewed demand for pork products. Exports are up 8% at 598,058 metric tons in the first quarter.

Cotton futures are called lower this morning. A bearish Supply/Demand on the world level is weighing on prices. World ending stocks were at a record high of 73.75 million bales for 2012/23 crop year. Heavy rains in parts of west Texas are also pressuring cotton prices.