Corn futures are called 4 to 5 cents lower. Overnight trade in most active contracts was 4 1/4 to 5 3/4 cents lower. The market remains volatile and after gains yesterday, futures are expected to open lower. The recovery on Wednesday did not change the overriding key reversal chart signal from earlier this week. Some further price correction is expected from the recent rally to new highs. Weekly export sales are expected to be in the 24-32 million bushel range.



Soybean futures are called 7 to 8 cents lower. Overnight trade was 6 3/4 to 8 1/4 cents lower. The market bounced on Wednesday, but prices are expected to move lower again this morning. Export demand is expected to begin slowing as South American supplies will soon hit the market. The weekly export sales report is expected to be in the 11-18 million bushel range.



Wheat futures are called 3 to 5 cents lower. Overnight CBOT trade was 2 1/2 to 5 cents lower and the KCBT was 3 1/2 to 4 cents lower. Some technical selling is expected after the late jump in futures on Wednesday. The wheat market continues to take direction from corn, which is expected to open lower. Weekly export sales are expected to be light, with pre-report estimates only 9-17 million bushels.



Cattle futures are called steady to mixed as traders wait for cash trade to develop. The cash market is expected to develop today or tomorrow at firm prices compared to last week's $91. However, declining beef prices may limit higher bids with boxed beef prices down 83 cents to $1.25 yesterday. Technically, the futures market remains very strong.



Lean hog futures are called steady to mixed. Cash markets are called steady to lower as declining pork cutout values are trimming packer margins. Pork cutouts were down $1.05 on Wednesday. However, technical strength and ideas of tighter hog supplies in the upcoming months will be supportive for deferreds.