Corn futures are called 2 to 3 cents lower. Overnight trade was 3 to 3 1/4 cents lower. The Dow Jones Industrial Average fell below the November low on Thursday and selling continued overnight. Crude oil was also lower overnight while the dollar index was higher. Weekly export sales will be reported this morning. Strong sales could be a supportive factor, with trade expectations ranging from 34-59 million bushels.



Soybean futures are called 12 to 13 cents lower. Overnight trade was 8 1/4 to 13 1/4 cents lower. Outside markets are expected to pressure soybean trade. The stock market is expected to open lower and crude oil was also weak overnight while the dollar was higher. Beneficial rainfall is expected in Argentina the next couple of days. Losses could be limited by a strong weekly export sales report. Pre-report trade estimates range from 26-31 million bushels.



Wheat futures are called 7 to 8 cents lower. Overnight CBOT trade was 7 1/4 to 8 1/2 cents lower and the KCBT was 5 1/4 to 9 1/4 cents lower. Spillover selling is expected from corn and soybeans as well as outside financial markets. Strength in the dollar overnight is a bearish factor for wheat exports. The weekly export sales report could influence trade. New commitments are expected to be in the 9-17 million range. Export shipments need to be 15 million bushels are better to remain on pace to reach USDA's export forecast.



Cattle futures are called steady to mixed as traders position ahead of the Cattle on Feed report due out after the close. Weakness in the stock market and concern about the economy and declining beef demand will limit gains. Trade expectations for the Cattle on Feed report are for on feed numbers to be down 5%-6%, January placements up 3% and January marketings down 7%.



Lean hog futures are called steady to lower. Cash markets are expected to be steady to lower again today as packer margins remain poor. Weakness in outside financial markets will also be bearish as it does not bode well for pork demand. However, losses may be limited by short-covering ahead of the weekend and the Cold Storage report due out after the close.