Corn futures are called 5 to 6 cents lower. Overnight trade was 6 1/4 cents lower. Outside markets are expected to pressure corn futures. Crude oil and gold were lower overnight while the dollar index was higher. Weekly export sales to be released this morning could provide support. Last week, the report showed a marketing year high sales number of 43.6 million bushels. Pre-report trade expectations range from 14-35 million bushels.



Soybean futures are called 5 to 7 cents lower. Overnight trade was 5 1/2 to 7 cents lower. The market is expected to be pressured by outside markets. Crude oil was lower overnight and gold continued its pullback. The weekly export sales report is expected to be strong again, although next week's report will likely be down as Chinese New Year celebrations limit demand. Pre-report trade expectations range from 18-33 million bushels. However, the Census Bureau crush report is expected to show a bearish slowdown in this morning's report. The average trade estimate is 141 million bushels.



Wheat futures are called 8 to 9 cents lower. Overnight CBOT trade was 8 3/4 to 9 1/4 cents lower and the KCBT was 9 cents lower. Spillover pressure from corn and soybeans along with outside markets are expected to pressure prices. But losses could be limited by the weekly export sales report, which is expected to be strong at 11-18 million bushels. Strength in the dollar is a bearish factor for exports.



Cattle futures are called steady to lower as cash fundamentals are expected to weigh on the market. Boxed beef prices were down $1.18 to $1.66 yesterday and light cash trade developed at $80 live and $130 dressed, down $2 from the previous week. Short-covering could help limit losses as futures are nearing contract lows.



Lean hog futures are called steady to mixed. Futures were able to recover from contract lows and technically oversold conditions, but gains are expected to be limited today by shaky cash fundamentals. Cash markets bumped higher on Wednesday as packers raised bids to fill slaughter needs. However, poor margins should limit strength today as pork cutouts were down 52 cents on Wednesday.