Corn futures are called steady to 1 cent lower. Overnight trade was 1/4 to 1 cent lower. Yesterday's recovery in soybeans and wheat helped limit losses in corn, but futures still ended lower. We look for a slightly lower open, but trade is expected to remain choppy.



Soybean futures are called 6-8 cents lower. Overnight trade was 4 3/4 to 10 cents lower. The market tried to sell-off yesterday only to rebound near the close. We look for a lower open as it appears traders will try to push prices lower again this morning.



Wheat futures are called 2 to 4 cents lower following overnight trade that ended that way. Commodity fund buying helped futures rally late on Thursday. Futures appear to be overbought with funds holding a record net long position at the CBOT. We look for some profit-taking on the open.



Cattle futures are called steady to lower. Lower beef cutouts and some cash trade in Nebraska steady to $2 lower on dressed basis will be a negative factor. Boxed beef prices were $1.25 to $1.82 lower. Trade may be subdued ahead of this afternoon's Cattle on Feed report.



Lean hog futures are called steady to mixed. Cash markets are called steady to firm as packers still need to buy some inventory. Pork cutouts were 37 cents higher. However, cutouts will need to keep moving higher for cash markets to show much strength.