Corn futures are called steady to 1 cent lower. Overnight trade at 6:45 am CT was 3/4 to 1 cent lower. Light profit-taking ahead of the weekend and losses in soybeans are weighing on futures. But losses are being limited by weakness in the dollar overnight and ideas that lingering dry conditions in Argentina will hurt crop production prospects. Crop problems in Argentina would push additional export demand to the U.S.


Soybean futures are called 4 to 5 cents lower. Overnight trade at 6:45 am CT was 3 3/4 to 4 3/4 cents lower. Disappointing weekly export sales reported on Thursday morning and generally favorable weather in Brazil for soybean production are weighing lightly on the market. But losses are expected to be limited by weakness in the dollar and dry weather concerns in Argentina that are limiting soybean production prospects.


Wheat futures are called 3 to 6 cents lower. Overnight trade at 6:45 am CT was 4 3/4 to 6 cents lower at the CBOT and 3 to 4 1/4 cents lower at the KCBT. Technical selling and improved weather in eastern Australia are expected to weigh on the market. However, losses should be limited by weakness in the dollar index and some improved export demand this week. Weekly export sales were above trade expectations and Egypt and Jordan made purchases of HRW wheat this week.


Cattle futures are called steady to mixed in choppy pre-report trading ahead of the Cattle on Feed report. Cash trade was lower in the North earlier this week and some weakness is expected in the southern Plains today. Choice boxed beef was 82 cents lower on Thursday and there is concern about seasonally slow demand. But with the lower cash trade largely in the futures market, we look for mixed trade today.


Lean hog futures are called steady to lower. Pork cutouts corrected by 99 cents yesterday, but the tone in the cash market remains weak. Expectations are for sluggish wholesale pork demand through the end of the year. If pork prices fall, the cash market is likely to remain on the defensive.


Cotton futures are trading lower this morning. Profit-taking is weighing lightly on the market following the strong gains posted on Thursday. Bullish supply/demand fundamentals and weakness in the dollar are helping to limit losses. March is 12 points lower at 146.00 cents and May is 77 points lower at 135.60 cents.