Corn futures are called 2 cents lower. Overnight trade was 2 to 2 1/2 cents lower in most active contracts. Weather conditions look generally favorable for crop development over the next couple of weeks. Outside market influence will be mixed as crude oil was higher overnight, but the dollar was also higher. USDA will release a new weekly export sales report this morning and shipments need to be 40 million bushels to remain on pace to reach USDA's export forecast.

Soybean futures are called steady to mixed. Overnight trade was 1 3/4 cents lower in the July contract and 1/4 of a cent higher in new-crop November. Old-crop could be pressured by the weekly export sales report, which may show additional cancellations of soybeans from China. However, tight stocks will remain an underlying bullish factor. New-crop was slightly higher overnight as planting delays in the eastern Midwest and south will limit yield potential. Outside markets are mixed with strength in the dollar a bearish factor while firm energy markets are supportive.

Wheat futures are called steady to 2 cents higher. Overnight CBOT trade was 1/4 to 1/2 of a cent higher and the KCBT was 1 to 2 1/4 cents higher.
Winter wheat harvest pressure and sluggish export demand remain bearish factors. In addition, the dollar traded higher overnight. The weekly export sales report to be released this morning could influence prices. But the market could find support from reports of low HRW yields in the southern Plains and increasing disease problems in the SRW wheat belt due to wet conditions.

Cattle futures are called steady to mixed. Cash trade has not developed yet this week, but there is some optimism that feedlots could get steady trade with last week's $82. Boxed beef prices were mixed on Wednesday. Future's traders could also begin evening positions ahead of the Cattle on Feed report which is due out Friday afternoon.

Lean hog futures are called lower on the open. While cash prices have firmed this week, the $2.77 drop in pork cutouts on Wednesday could take the wind out of the sails. Short-covering from technically oversold conditions helped the futures market rally on Wednesday, but poor packer margins and the drop in pork cutouts could put prices back on the defensive today.