Corn futures are called 1 to 2 cents lower. Overnight trade was 1 to 2 1/4 cents lower. We look for some consolidation trade today. While fund buying subsided, bearish traders were reluctant to sell aggressively fearing that the fund buying could return at any time. Weekly export sales are expected to fall in the 24-34 million bushel range.



Soybean futures are called 1 to 2 cents lower. Overnight trade was 1 to 1 1/2 cents lower. Following the recent jump, the market has become choppy. Yesterday's reversal may be an indication that the market has topped. Weaker basis levels may also weigh on prices. Pre-report estimates for weekly export sales range from 15-26 million bushels.



Wheat futures are called 2 to 3 cents lower. Overnight trade was 1 1/2 to 3 1/2 cents lower. The market appears overbought and fundamentals remain mostly negative. Winter wheat conditions are mostly favorable. Weekly export sales are expected to be in the 11-17 million bushel range.



Cattle futures are expected to open mixed as the market watches for some direction in the cash market. Boxed beef prices were $0.57 to $1.07 higher yesterday, but there is some concern that cash prices will not hold steady with last week's trade.



Lean hog futures are called steady to higher. Spillover buying interest and ideas that cash markets are bottoming will be supportive. However, gains will likely be limited by the 48 cent drop in cutouts.