Corn futures are called steady to 1 cent lower. Overnight trade was 1/4 to 1/2 of a cent lower. Strength in the dollar index overnight will be a bearish factor for commodity markets. Weather conditions are mixed as rain in the eastern Corn Belt will further delay some planting progress, while forecasted rain over the next couple of weeks would be beneficial for the crop that is already planted.



Soybean futures are called 1 to 2 cents lower. Overnight trade was 1 to 1 3/4 cents lower in most active months. Light fund selling is expected on the open as strength in the dollar overnight is weighing on commodity markets. The stock market was down strongly on Wednesday, but Dow Jones futures were higher overnight. Old-crop fundamentals remain bullish with tight stocks and strong export demand. The weekly export sales report will be delayed until Friday following the Memorial Day holiday.



Wheat futures are called 3 to 4 cents lower. Overnight CBOT trade was 3 1/2 to 4 1/4 cents lower and the KCBT was 2 3/4 to 4 cents lower. Profit-taking is expected to weigh on the market following recent strength. The rally in the dollar overnight is a bearish factor as exports will be more uncompetitive on the global market. The MGE has led the rally amid bullish fundamentals for spring wheat. Planting delays will continue to be an underlying bullish concern today.



Cattle futures are called steady to lower. Follow-through selling and uncertainty about the cash market will pressure futures. Although light, some cash trade developed in the North and was down about $1 from last week. Losses will be limited by strength in choice beef prices, which were up 86 cents on Wednesday.



Lean hog futures are called steady to higher. Some cash markets turned higher yesterday and the outlook for tightening hog supplies seasonally will be supportive. But gains will be limited by the 28 cent drop in pork cutouts on Wednesday. Weakness in the stock market helped pressure hog futures on Wednesday, but Dow Jones futures did recover some overnight.