Corn futures are called 1 to 2 cents lower unless the weekly export sales report offers support. Overnight trade was 1/2 of a cent higher to 2 1/4 cents lower. The market has been see-sawing up and down recently, with losses posted yesterday. We look for choppy trade this morning. Trade estimates for weekly export sales range from 28 million bushels to as high as 59 million.



Soybean futures are called 1 to 2 cents lower. Overnight trade was mostly lower, but ranged from 1 1/4 cents higher to 2 cents lower. Trade volume has been light recently as prices work lower. However, traders will be watching NOPA crush and weekly export sales this morning for direction. The average trade estimate for November NOPA crush is 150.8 million bushels and weekly export sales range from 22-37 million bushels.



Wheat futures are called 2 to 3 cents lower. Overnight CBOT trade was 2 to 3 cents lower and the KCBT was 1 3/4 cents lower. Futures rebounded from recent weakness on Wednesday. However, concern about sluggish export demand and some weather forecasts calling for rain in the Plains could push prices lower today. Weekly export sales are only expected to be 11-18 million bushels.



Cattle futures are called steady to firm. Light cash trade developed this week at mostly $86 and trade the rest of the week is expected to be at least steady. Boxed beef prices edged higher on Wednesday, gaining 7 to 29 cents. Forecasts are calling for wet weather in the southern Plains next week, which could hamper cattle performance.



Lean hog futures are called steady to lower. Cash hogs were mostly lower on Wednesday and with the $1.37 drop in pork cutouts, cash bids are likely to be down again today. The February contract is at a premium to cash and with December expiring at noon CT, the weak tone in cash is expected to weigh on the front end contract.