Corn futures are called 1 to 2 cents lower. Overnight trade was 1 to 2 1/4 cents lower. Noncommercial selling is expected to weigh on the market as crude oil traded weak overnight and the stock market has been under pressure. More rainfall in the southern and eastern half of the Corn Belt is bullish as it will further slow planting progress. However, forecasts show for a drier trend much of next week that could help planting progress. A new weekly export sales report will be released this morning. Corn sales need to average just over 15 million bushels per week to reach USDA's export forecast, but shipments need to be above 38 million bushels.



Soybean futures are called 5 to 6 cents lower. Overnight trade was 1 1/2 cents (Nov) lower to down 6 1/4 cents (Jul). Outside market pressure is expected to weigh on futures as crude oil and the stock market are expected to be lower this morning. Chinese soybean futures and Malaysian palm oil markets were also lower overnight. Rain in the eastern Midwest is a mixed market factor. While soybean planting will be delayed and yield potential reduced, some acreage may be switched from corn to soybeans. The weekly export sales report due out this morning needs to show shipments at only 13 million bushels to reach USDA's recently revised higher export projection.



Wheat futures are called 4 to 5 cents lower. Overnight CBOT trade was 1/4 to 4 1/2 cents lower and the KCBT was 7 1/2 to 8 1/4 cents lower. Spillover weakness from corn, soybeans and outside markets will weigh on wheat futures. The weekly export sales report could be bearish. With only a few weeks left in the marketing year, export shipments need to be just above 30 million bushels to stay on pace with USDA's export projection. Wheat production concerns could help limit losses due to spring wheat planting delays and freeze damage in the southern Plains.



Cattle futures are called steady to mixed as traders wait for the cash market to develop for further direction. Trade expectations are for $1-$2 higher business this week compared to the $84 last week. Beef demand is expected to pick up ahead of Memorial weekend, but boxed beef prices were slightly lower on Wednesday.



Lean hog futures are called steady to mixed. The cash market continues to shoot higher, but ideas that the rally is about done will limit the futures market. Pork cutouts were up 84 cents on Wednesday, but packer margins are poor as the cash market has rallied faster than pork prices. Packers have increased slaughter to fill Memorial weekend orders, but once those are filled by early next week, pork prices and the cash market could turn lower again.