Corn futures are called steady. Overnight trade was mostly unchanged with only Dec down 1/2 of a cent. Futures have slipped to new contract lows and support is down to $1.91 on the March contract. Export sales could influence trade. Pre-report expectations range from 28-35 million bushels.



Soybean futures are called 1 to 2 cents higher. Overnight trade was 1 3/4 to 2 1/2 cents higher. Recent weakness and the drop to new lows should limit selling pressure this morning. There have been rumors that China bought Brazilian soybeans. But better than expected weekly export sales could support prices. Trade expectations range from 9-17 million bushels.



Wheat futures are called steady to 1 cent higher. Overnight trade was steady to 1/2 of a cent higher. Trade will be influenced by weekly export sales this morning expected to be in the 17-24 million bushel range and the size of the EU wheat subsidy. The EU will resume export subsidies for the first time since 2003.



Cattle futures are called steady to lower as the market waits for cash trade to develop. Boxed beef prices appear to be stabilizing, but were still down 3 to 44 cents yesterday. Losses will be limited by ideas of firm cash markets this week.



Lean hog futures are called lower. Technical weakness and follow through selling from yesterday's sharp losses are expected. Cash markets are called $1 lower as packers have been able to push prices lower and will have extra motivation following yesterday's 75 cent drop in cutouts.