Corn futures are called 2 to 3 cents lower. Overnight trade was 1 1/4 to 4 3/4 cents lower. Fund and technical selling is expected to weigh on futures again. May futures fell below the $4 mark, which is a negative technical signal. With little support below the market, futures are at risk of further fund selling. Weather forecasts by the NOAA call for normal weather during the planting season.



Soybean futures are called 2 to 3 cents lower. Overnight trade was 2 to 3 1/2 cents lower. Technical selling and bearish old-crop fundamentals are expected to weigh on the market. U.S. soybean stocks are record large and record crops are expected in Brazil and Argentina. Concern about the loss of acreage to corn this spring could help limit losses.



Wheat futures are called 1 to 2 cents lower. Overnight CBOT trade was steady to 2 cents lower and the KCBT was 1/4 of a cent lower to 1/4 higher. Chart weakness will weigh on futures after Chicago wheat fell to the lowest level since September and as Kansas City tested the January low on Thursday. Spillover weakness from corn and favorable winter wheat crop condition ratings will also be negative market factors.



Cattle futures are called steady to mixed. Cash trade started off strong this week, but packers pulled back on some bids yesterday after futures were unable to hold up. Some weakness was seen in beef prices yesterday with Choice cutouts down $1.53. However, cash fundamentals remain strong with tightening supplies of market ready cattle and expectations for strong seasonal demand.



Lean hog futures are called steady to lower. The large slaughter this week caught up with pork prices, with cutouts down $1.93 yesterday. Concern that the cash market may be hampered next week by tightened packer margins and follow-through from recent weakness should limit buying interest.