Corn futures are called 3 to 4 cents lower. Overnight trade was 3 3/4 to 4 cents lower. Sluggish export demand remains a bearish concern for corn. Weekly export sales reported yesterday remained below the pace needed to reach USDA's export forecast. But outside market should help limit losses and could provide some support. Crude oil was firm and the dollar index was lower in overnight trade.



Soybean futures are called 1 to 2 cents lower. Overnight trade was 1/2 to 1 3/4 cents lower. The market pulled back from early gains yesterday on forecasts for some relief for the Argentine soybean crop. Weather forecasts remain mostly bullish, but traders are expected to be in a wait and see mode this morning. Export demand has been strong for U.S. soybeans this marketing year, but the Chinese Lunar New Year celebrations will slow demand this week.



Wheat futures are called steady to mixed. Overnight CBOT trade was unchanged to 1/2 of a cent lower and the KCBT was 1/2 of a cent lower. Weakness in the dollar overnight will help limit losses, but buying interest is also expected to be light as corn and soybeans should open lower. News that the Argentine government will reject wheat export permits is supportive in that there will be less competition for U.S. exports. Also, dry conditions in the southern Plains remains an underlying supportive factor.



Cattle futures are called steady to mixed. The futures market failed to maintain gains yesterday from the bullish Cattle on Feed report. However, some support is expected to come from an aggressive slaughter pace to start the week and the tightened cattle supply outlook. Gains will be limited by demand concerns over the weakening economy.



Lean hog futures are called steady to mixed. Packer margins remain poor and cash markets are expected to be steady to lower. But short-covering should help limit losses this morning as futures have recently set or are near contract lows. Hog supplies are expected to tighten over the next several weeks.