Corn futures are called steady to 1 cent higher. Overnight trade was 1 to 1 1/2 cents higher. We look for prices to bounce this morning from recent losses. Traders will be gearing up for the Supply/Demand report due out Friday morning. Old-crop stocks are to remain large, but USDA is expected to trim their estimate. Weekly export sales due out this morning are expected to be in the 28-35 million bushel range.

Soybean futures are called 2 to 3 cents higher following overnight trade that ended that way. Bearish fundamentals and speculative selling have weighed on futures recently, but we look for a small technical rebound this morning. Futures are near the low end of the recent trading range. Gains will be limited by ideas USDA will bump the ending stocks number a little higher from an already record projection on Friday. This morning, weekly export sales are expected to be in the 9-17 million bushel range.

Wheat futures are called steady to 2 cents lower. Overnight CBOT trade was 2 3/4 to 3 1/4 cents lower. We look for some consolidation of recent gains. Wheat prices have rallied the past couple of days despite losses in other commodity markets. Weekly export sales this morning are expected to be low at only 7-15 million bushels. Losses will be limited by ideas that most rainfall will be east of the major HRW region.

Cattle futures are called steady to lower. Futures continue to decline with a new low set in June on Wednesday. Cash markets are now expected to be $1-$2 lower than last week and boxed beef prices were 50 to 94 cents lower yesterday. Despite all of the bearish fundamentals, we would expect a short-covering bounce at some point due to technically oversold conditions.

Lean hog futures are called lower this morning. Cash markets have turned lower this week and pork cutouts fell $2.28 yesterday. Pork demand apparently can't keep up with an uptick in slaughter. Increasing production of beef, poultry and pork year-over-year will remain an underlying bearish factor.