Corn futures are called 4 to 5 cents lower. Overnight trade was 4 1/4 to 5 cents lower. After strength yesterday that was driven by the gains in the stock market and crude oil, weakness in those markets overnight indicate lower corn trade this morning. The weekly export sales report could influence trade. Export sales are expected to be in the 18-30 million bushel range while shipments are expected to be below the 38 million bushel pace needed to reach USDA's export forecast.



Soybean futures are called 5 to 7 cents lower. Overnight trade was down 1/4 of a cent (new-crop November contract) to down 7 cents. While export demand is expected to remain strong in this morning's weekly export sales report, outside markets will be a bearish factor. Dow Jones futures and crude oil prices were lower overnight. Weekly export sales are expected to improve to the 15-26 million bushel range from the 13 million bushels reported last week.



Wheat futures are called 5 to 7 cents lower. Overnight CBOT trade was 5 to 6 cents lower and the KCBT was 1/4 of a cent higher to 7 cents lower. Spillover pressure from corn and soybeans as well as outside markets is expected to weigh on the wheat market. Strength in the dollar overnight will make U.S. wheat less competitive on the world export market. Weekly export sales pre-report trade estimates range from 13-17 million bushels. But the recent slow pace of shipments remain a concern as 18.5 million bushels are needed to stay on pace to reach USDA's export forecast.



Cattle futures are called steady to mixed. Outside markets continue to have a big influence on cattle futures and the stock market is expected to open lower this morning. But losses should be limited by strengthening beef prices again on Wednesday and ideas of firm cash trade this week.



Lean hog futures are called steady to mixed. Firm cash prices this week will provide support, although the 66 cent decline in pork cutouts on Wednesday will weigh on packer margins and possibly the cash market. Expected weakness in the stock market this morning will limit gains and could weigh on futures this morning.