Corn futures are called 1 cent lower. Overnight trade was 1 to 1 1/2 cents lower. Some rainfall in the western Corn Belt yesterday and more rain in northern Illinois will push prices a little lower this morning. Losses will be limited by forecasts calling for a warmer and drier trend the next couple of weeks. The market has built some premium back into the market ahead of the Production report due out next week.

Soybean futures are called 3 to 4 cents lower. Overnight trade was 3 1/4 to 3 1/2 cents lower. The market remains in a sideways trend and following yesterday's gains futures are expected to open lower. Rain in Illinois including the Chicago area will likely encourage some selling, but extended warm and mostly dry weather forecasts for the next couple of weeks will limit losses.

Wheat futures are called mixed. Overnight CBOT trade was steady to 3/4 cent higher and KCBT was 1/4 to 1 1/4 cents higher. Technical support held at the KCBT on Wednesday and hard wheat fundamentals are supportive. However, gains at the CBOT will be limited by bearish SRW fundamentals and calls for lower corn and soybeans. Harvest pressure will limit buying interest at the MGE today.

Cattle futures are called steady to lower. The cash market has yet to develop as packers decided to slow slaughter rather than raise bids on Wednesday. However, the slower slaughter did help beef prices bounce. The August contract is still several dollars over where cash trade is expected this week, which will pressure the front end ahead of delivery notices.

Lean hog futures are called higher on the open. Cash markets are called firm again as pork cutouts were up $1.32 yesterday and have gained nearly $3 the past two days. Gains are expected to be limited by small or no Saturday slaughter plans that will limit packer's need for hogs and as some hogs backed up from the heat come to market today and tomorrow.