Corn futures are called steady to 1 cent lower. Overnight trade was 1/2 to 1 cent lower. Trade activity remains light, but the recent technical bounce failed to hold on Wednesday. Old-crop fundamentals remain bearish although demand has been strong. Weekly export sales are expected to be in the 39-47 million bushel range.

Soybean futures are called 1 to 2 cents lower. Overnight trade was 1 3/4 to 2 1/4 cents lower. Speculative buying has helped prices bounce from recent losses, but we look for futures to slip this morning. Fundamentals are bearish with large old-crop stocks, ideas of a jump in acreage and expanding harvest progress in Brazil. The weekly export sales report is expected to fall in the 11-18 million bushel range.

Wheat futures are called steady to mixed. Overnight trade was 1/4 of a cent higher to 1/2 lower. Further consolidation trade is expected this morning. Recent rainfall in the Plains will benefit the HRW crop. However, there is concern about forecasts calling for dry conditions in the Plains this spring. Export demand has been sluggish lately, but a sale to Iraq was announced yesterday. Weekly export sales are pegged at 11-18 million bushels.

Cattle futures are called steady to higher. Cash trade developed in the South yesterday at $86-$86.50, steady money with last week. Packers were needing supplies despite poor margins and sliding beef prices. Choice boxed beef prices were $1.33 lower on Wednesday. Gains are expected to be limited by ideas that Friday's Cattle on Feed report will be bearish.

Lean hog futures are called steady to lower. Cash markets are expected to be steady to lower today following yesterday's $1.00 drop in pork cutouts. However, losses could be limited by a supportive Cold Storage report that showed frozen pork and belly supplies below trade expectations.