Corn futures are called 1 to 2 cents lower. Overnight trade was down 1/2 to 2 1/2 cents. After testing strong technical resistance on Wednesday and pulling back into the close, the market may be forming a near-term peak. Unless weekly export sales are strongly supportive, the market is expected to open lower. Pre-report expectations for the export sales report range from 28-39 million bushels.



Soybean futures are called 3 to 4 cents lower. Overnight trade was 3 to 4 3/4 cents lower. Futures slipped to a lower close yesterday on commercial selling after posting solid gains earlier in the day. We look for some additional weakness this morning. Weekly export sales could provide some direction. Traders are looking for commitments of 22-29 million bushels.



Wheat futures are called 8 to 10 cents lower. In most active contracts, overnight CBOT trade was 7 1/4 to 8 cents lower and the KCBT was 6 to 11 1/2 cents lower. Futures reversed lower on Wednesday after posting strong gains early. Ideas of tight global wheat stocks will remain an underlying supportive factor, but the reversal action and weak close yesterday are likely to bring further technical selling into the market. Weekly export sales are expected to be in the 11-18 million bushel range.



Cattle futures are called steady to mixed. Trade was choppy yesterday and is expected again as the market waits for cash trade to develop. Firm bids are expected this week given the tighter showlists and aggressive slaughter. However, gain in beef prices have stalled for now with Choice cutouts down 45 cents yesterday.



Lean hog futures are called higher. Follow-through buying from yesterday's rally and the $2.20 cent jump in pork cutouts will be supportive. Cash markets are called firm as packers continue to keep aggressive slaughter schedules with yesterday jump in cutouts improving margins.