Corn futures are called steady to narrowly mixed. Overnight trade ended 1/4 of a cent lower to 1/4 higher. Trade has been slow all week and is expected to only get worse today ahead of the Prospective Plantings and Quarterly Stocks reports due out Friday morning. Weekly export sales could provide some direction. Trade expectations range from 35-43 million bushels.



Soybean futures are called steady to mixed. Overnight trade was unchanged to 1 cent higher. Another choppy day is expected ahead of the USDA reports. Fundamentals remain bearish, but fund buying on the dips has kept the market in a sideways pattern. Export sales normally begin to slow this time of year as Brazil's new-crop becomes available. Weekly sales are expected to be in the 7-15 million bushel range.



Wheat futures are called mixed. Overnight CBOT trade was 1/4 to 3/4 of a cent lower. Some light profit-taking on yesterday's bounce could pressure prices, but we look for mostly choppy trade ahead of the USDA reports. Light rainfall in expected in the Plains the next couple of days and there may be more next week. Iraq bought some wheat this week, but demand for U.S. wheat has been less than impressive. Traders look for weekly sales to be 9-20 million bushels.



Cattle futures are expected to open lower. Some cash trade developed yesterday at mostly $84, down $2 from last week. Lower boxed beef prices and weak technical charts are negative factors again today. However, deeply oversold conditions will at some point trigger a short-covering bounce.



Lean hog futures are called steady to mixed. Traders are expected to be evening positions ahead of the Quarterly Hogs and Pigs report due out on Friday. Cash markets are called mostly steady as packers need hogs, although ample marketings will discourage any higher bids. Pork cutouts were 47 cents higher on Wednesday.