Corn futures are called 1 to 2 cents lower. Overnight trade was 1 to 2 1/4 cents lower in the May through December '07 contracts. Consolidation trade is expected as traders watch planting season weather forecasts for direction. Choppy trade is likely ahead of the March 30 Prospective Plantings report. USDA will release a new weekly export sales report this morning and trade expectations range from 30-37 million bushels.



Soybean futures are called 2 to 3 cents lower. Overnight trade was 2 1/2 to 3 1/4 cents lower. Bearish old-crop fundamentals are expected to keep pressure on the market. Crop production estimates for Brazil and Argentina continue to climb and newly harvested soybeans will soon choke off demand for U.S. supplies. Weekly export sales due out this morning are expected to be in the 13-20 million bushel range. Pre-report estimates for February Census crush also due out this morning average around 138 million bushels.



Wheat futures are called 2 to 3 cents lower. Overnight CBOT trade was 2 1/4 to 4 cents lower and the KCBT was 1 1/4 to 1 3/4 cents lower. Rainfall in the Plains will benefit hard red winter wheat prospects and the soft red winter wheat crop is in decent shape. Recent export business has been supportive recently. The weekly export sales report this morning could influence trade with market expectations ranging from 13-22 million bushels.



Cattle futures are called steady to mixed. Futures staged a reversal yesterday, recovering from early lows to finish mixed to mostly higher. The cash market is still not established, but the market is looking for steady to $2 lower trade. Boxed beef prices were $2.15 to $2.67 lower on Wednesday. Some positioning is expected today and on Friday ahead of the Cattle on Feed report.



Lean hog futures are called higher on the open. The cash market is expected to be steady to firm following the $1.70 jump in pork cutouts on Wednesday. Charts are technically weak, but the improved cash fundamentals should encourage some short-covering.