Corn futures are called 3 to 4 cents lower. Overnight trade was 3 1/2 to 3 3/4 cents lower. Market action was subdued yesterday, but futures look lower this morning. Fundamentals remain generally bearish. The Fed raised interest rates, which pushed the value of the dollar higher. Also, the market may be gearing up for a larger acreage number next week.



Soybean futures are called 7 to 8 cents lower. Overnight trade was 6 3/4 to 9 cents lower. The market consolidated yesterday, but appears ready to move lower again following weakness overnight. Export business has been a supportive fundamental recently, but there are unconfirmed rumors of China canceling a couple of shipments.



Wheat futures are called 5 to 6 cents lower. Overnight trade was 5 3/4 to 6 3/4 cents lower. Weakness is expected across the crop markets. The dollar strengthened yesterday after the Fed raised interest rates, which is a negative for exports. Winter wheat conditions are mostly favorable and have benefited from recent precipitation.



Cattle futures are called steady to lower. Boxed beef prices continue to trend lower with losses of $1.30 to $1.88 posted yesterday. Cash trade has not developed yet, but is expected to be soft this week compared with mostly $90 trade last week.



Lean hog futures are called lower. Pork bellies are called sharply lower following the bearish Cold Storage report. Cash markets are called steady to lower following the 49 cent lower pork cutouts yesterday. Lean hog futures losses may be limited ahead of Thursday's Hogs and Pigs report.