Corn futures are called 2 to 3 cents lower. Overnight trade was 1 3/4 to 3 3/4 cents lower. Some light profit-taking is expected this morning following recent gains that have pushed prices to new 10-year highs. Fund buying has rallied the market with early weather concerns and talk that a La Nina weather pattern could bring summer weather problems. Weekly export sales will be released this morning and pre-report estimates range from 34-55 million bushels.



Soybean futures are called 1 to 2 cents lower. Overnight trade was 1 1/4 to 4 cents lower. The market is technically overbought and due for a correction after posting new contract highs yesterday. With corn called lower, soybeans are expected to be pulled slightly lower. Concern about possible weather problems this summer has been triggering heavy fund buying. Weekly export sales are expected to be 13-20 million bushels.



Wheat futures are called 3 to 5 cents lower. Overnight CBOT and KCBT trade was 2 3/4 to 5 cents lower. Spillover support from corn and fund buying has helped pull futures higher recently, but we look for a small round of profit-taking this morning. The wheat market will be heavily linked to corn, but more moisture for the Plains and increased world wheat production estimates will remain underlying bearish factors. Pre-report estimates for weekly export sales range from 15-22 million bushels.



Cattle futures are called steady to mixed. Traders will be positioning for the Cattle on Feed report due out this afternoon. Cash trade is expected to be steady to lower this week compared to the $91 business last week. Declining beef prices will help limit packer bids. Choice boxed beef prices were down $1.71 on Thursday.



Lean hog futures are called steady to lower. Cash markets are called mostly steady today. Some packers may be getting hogs ahead of some wintery weather being forecast for the upper Midwest this weekend. However, packer demand is expected to remain mostly light given the recent weakness in pork prices. Pork cutout values were down 93 cents on Thursday.