Corn futures are called steady to 1 cent lower. Overnight trade was 3/4 to 1 1/2 cents lower. Some light profit-taking on the rally this week could push prices slightly lower on the open. However, losses will be limited by the supportive weekly export sales report from Thursday and weather forecasts calling for more rain in the Midwest that will slow spring fieldwork and could cause some planting delays.

Soybean futures are called 6 cents higher in old-crop months. Overnight trade for old-crop months was 6 1/2 to 6 3/4 cents higher while the new-crop November contract was only 1/2 of a cent higher. Technical strength and the smaller than expected planting intentions number from earlier in the week will be supportive. But gains may be limited by some pre-weekend profit-taking on the gains this week. Outside markets could also influence trade as strength in the dollar overnight is a slightly bearish factor.

Wheat futures are called 2 to 3 cents higher. Overnight CBOT trade was 3/4 to 3 1/2 cents higher and the KCBT was 2 to 4 1/4 cents higher. Weather problems in the northern and southern Plains will be slightly supportive for futures. Wet conditions in the northern Plains point to spring wheat planting delays while the western regions of the central and southern Plains remain dry. Gains will be limited by generally sluggish export demand and light strength in the dollar overnight.

Cattle futures are called steady to higher. There were reports of light cash trade in the North yesterday at $135 dressed, up $2-$3 from last week. While many packers are slowing slaughter due to poor margins, firm cash trade is still expected in the South today compared to the mostly $83 last week. Boxed beef prices were down a little yesterday, but seasonal improvement in demand is expected soon.

Lean hog futures are called steady to higher. Pork cutouts were able to rebound $1.13 yesterday, taking back much of the losses from the previous day. However, front end futures gains will be limited by expected weakness in the cash market and the still poor pork prices, which on Wednesday at the lowest since the beginning of the year.