Corn futures are called 4 to 5 cents lower. Overnight trade at 6:30 am CDT was 4 to 4 3/4 cents lower. The market is expected to open lower amid favorable growing conditions for much of the corn crop and pressure from outside market. Crude oil was lower overnight while the dollar index was higher. Weather forecasts remain favorable for crop development. The weekly export sales report due out this morning is expected to show shipments below the 49 million bushel pace needed to reach USDA's 1.8 billion bushel export forecast.



Soybean futures are called strongly lower. At 6:30 am CST, August was down 30 3/4 cents while November was 16 1/2 cents lower. The market is expected to follow through to the downside after prices failed to maintain gains on Wednesday. Outside market pressure and favorable crop growing condition across most of the Midwest will weigh on prices. However, the weekly export sales report could provide some support. Old-crop sales have already surpassed USDA's export forecast, but China has remained a large buyer recently.



Wheat futures are called 4 to 6 cents lower. Overnight trade as of 6:30 am CST showed the CBOT down 4 3/4 to 5 1/4 cents lower, KCBT down 3 to 4 cents and MGE 5 1/2 to 6 1/2 cents lower. Spillover pressure from corn, soybeans and outside markets are all expected to weigh on futures. Weekly export sales reports have been disappointing recently and are expected to fall below the nearly 16 million bushel pace needed each week to reach USDA's recently revised higher 925 million bushel export forecast.



Cattle futures are called steady to mixed as traders wait for the cash market to develop. Steady to $1 higher trade is expected compared to last week as packers are reportedly short-bought on supplies. However, deferreds may be pressured by expected weakness in corn that could help limit the decline in beef production next year.



Lean hog futures are called higher this morning. The sharp jump in pork cutouts yesterday of $3.28 and the bounce in the cash market will be supportive. Pork prices have rallied to the highest level since last October. Packer margins have turned quite favorable, although there is still caution about demand amid the lingering concerns about the economy.