Corn futures are called 1 cent lower on the open. Overnight trade was 3/4 to 1 1/2 cents lower. Futures failed to push higher after breaking through resistance at $2 yesterday and closed near the lows for the day. We look for a lower open unless weekly export sales are above the 28-35 million bushel range.

Soybean futures are called 2 to 3 cents lower after overnight trade ended that way. Export sales will be watched to see how much China purchased. China has come to an agreement with Brazil for soy imports, but that business will likely not pick up until March. Weekly export sales are expected to be in the 18-26 million bushel range.

Wheat futures are called steady to 1 cent lower. Overnight trade was 1/4 of a cent higher to 3/4 lower. The market was choppy yesterday and mixed trade is expected again today. Weekly export sales could provide support if sales are above pre-report estimates of 15-20 million bushels.

Cattle futures are called steady to lower. Light trade developed in Nebraska yesterday at $140 dressed, which is down $2-$3 from last week. Boxed beef prices continue to decline with losses of $1.81 to $2.26. Losses may be limited ahead of Friday Cattle Inventory report.

Lean hog futures are called steady to mixed. Cash markets are called mostly steady although packer margins are struggling and cutouts were 68 cents lower yesterday. Technically the market looks mostly negative.