Corn futures are called 4 to 5 cents lower. Overnight trade was 4 3/4 to 5 1/2 cents lower. Outside markets are expected to pressure prices. Dow Jones Industrial Average futures were strongly lower overnight and crude oil futures were also down while the dollar index was strongly higher. Weekly export sales will be reported this morning and traders only expect it to be in the 16-24 million bushel range, below the pace needed to reach USDA's export forecast.



Soybean futures are called 7 to 8 cents lower. Overnight trade was 6 1/2 to 8 1/2 cents lower. The market is expected to open lower due to pressure from outside markets. The stock market is expected to be lower this morning and crude oil was lower overnight while the dollar index was strongly higher. But fundamental support should limit losses. Weather problems continue for Argentina's soybean crop and weekly export sales are expected to be strong. Pre-report trade expectations range from 28-35 million bushels.



Wheat futures are called 6 to 7 cents lower. Overnight CBOT trade was 5 3/4 to 6 cents lower and the KCBT was 6 1/4 to 7 1/2 cents lower. Spillover pressure is expected to come from corn and soybeans along with outside markets. Wheat export demand remains sluggish and the sharp gains in the U.S. dollar index overnight will not help the export situation. Weekly export sales are expected to be in the 6-13 million bushel range. Fundamental support may be hard to find although dry conditions in the southern Plains remains a bullish concern.



Cattle futures are called steady to mixed as traders position ahead of the Cattle on Feed report due out this afternoon. Trade expectations are for on feed numbers to be down 6%, placements steady, and marketings down 1% compared to last year. Weakness in the cash market and boxed beef prices this week remain bearish factors. Cash trade developed at $82 live and $132 dressed, down $2-$3 from the previous week. Choice cutouts were down $2.10 on Thursday.



Lean hog futures are called steady to mixed. Cash markets continue to hold steady to firm and pork cutouts were up 32 cents on Thursday. Packer margins remains poor, but expectations for tightening hog numbers over the next couple of weeks will be supportive for the cash market. Gains in futures will be limited or trade could be pressured by outside markets as the Dow Jones Industrial Average is expected to open strongly lower.