Corn futures are called 2 to 3 cents lower. Overnight trade was 2 3/4 to 3 cents lower. Follow-through selling is expected to weigh lightly on the corn market this morning. But strength in soybeans along with the rally in crude oil and gold overnight will be supportive. Also, weekly export sales reported yesterday were a marketing year high. The reduced corn crop in Argentina should push more export demand to the U.S.

Soybean futures are called 1 to 2 cents lower. Overnight trade was unchanged to 2 cents higher. Futures rallied late in the overnight session, rebounding from early losses. Firm overnight markets including crude oil and gold and expectations for a higher open in the stock market will provide support. Gains will be limited by improved weather conditions in Argentina this week and decreased demand as China celebrates the Lunar New Year this week.

Wheat futures are called 1 to 2 cents lower. Overnight CBOT trade was 1 1/2 to 2 1/4 cents lower and the KCBT was down 2 cents. Dismal weekly export sales reported yesterday and some follow-through selling yesterday will pressure prices. Outside markets were mostly supportive overnight, although strength in the dollar is a bearish factor for exports. But losses should be limited by expectations for a firm open in soybeans and concern about dry weather in the U.S. Southern Plains.

Cattle futures are called steady to lower. Beef prices continue to slide with choice cutouts down $2.46 on Thursday. Packer margins remain decent, but they continue to lower cash bids. Cash trade has developed at mostly $80 this week, down $2 from last week. Some choppy trade is possible as the market gears up for the semi-annual Cattle Inventory report which is due out this afternoon.

Lean hog futures are called steady to mixed. Strength in the cash market yesterday and short-covering from technically oversold conditions will be supportive. But gains will be limited by poor packer margins and the 62 cent drop in pork cutouts on Thursday. Deferreds also have to deal with bearish concerns regarding Russia banning pork exports from some U.S. packing plants due to safety regulation violations.