Corn futures are called 1 to 2 cents lower. USDA raised their ending stocks number to 2.215 billion bushels, up 160 million from last month. USDA's number was 58 million above the average trade estimate. Corn exports were lower 50 million bushels to 1.8 billion.



Soybean futures are called 2 to 3 cents higher. USDA raised exports by 35 million bushels to 1.08 billion. That pushed carryover to 375 million bushels compared to 410 million last month. However, the trade was expecting carryout to be revised down as the average pre-report estimate was 368 million bushels. Crush numbers were left unchanged.



Wheat futures are called 1 to 2 cents higher. USDA trimmed their carryout number by 12 million bushels to 541 million bushels. Few revisions were expected this morning, but USDA raised their feed use number by 15 million bushels.



Cattle futures are called steady to mixed as traders wait for significant cash trade to develop. Light trade was noted in Nebraska at $7-$8 lower on a dressed basis compared to last week. Current ideas indicate that cash cattle will trade around $90 on Friday.



Hog futures are called steady to mixed. Cash fundamentals have weakened with pork cutouts down another 60 cents yesterday. Cash prices continue to slide, but traders are reluctant to be short ahead of the seasonal decline in slaughter and an uptick in demand.