Corn futures are called steady to mixed. Overnight trade was 1/4 of a cent higher to 1/2 lower. Futures had become a little overbought and were due for a setback. Spillover weakness from wheat has helped push corn prices lower yesterday. However, export business has been strong recently and traders will be looking for large sales again in this morning's weekly export sales report.



Soybean futures are called 1 to 2 cents lower. Overnight trade was 1 1/4 to 1 1/2 cents lower. The market is expected to be pressured by technical selling and bearish fundamentals. Negative factors include concern that bird flu will hamper soybean meal demand and that recent rains in South America have eased crop stress.



Wheat futures are called steady to mixed. Overnight trade was 1/4 of a cent higher to 1/4 lower. Technically overbought conditions and some forecasts for rain in the southern Plains pushed prices lower yesterday. We look for some consolidation trade today. Forecasts call for light rain this week and some chances of rain next week in the dry areas of hard red winter wheat belt.



Cattle futures are called steady to mixed as traders wait for the cash market to develop. Cash fundamentals are mixed. Fed cattle supplies are relatively tight, but packers may have most needs covered for the week and are dealing with boxed beef prices that were $0.53 to $1.43 lower on Wednesday.



Lean hog futures are called steady to higher. We look for some spillover buying momentum this morning. Cash markets are called firm as packer margins have improved recently. Demand appears strong as pork cutouts only slipped 12 cents yesterday following the nearly $3.50 jump the previous day.