Corn futures are called 11 to 13 cents lower. Overnight trade was 11 to 13 1/4 cents lower. Overnight weakness in crude oil and gold, strength in the dollar and expectations for a lower stock market are all bearish factors. After the rally the past two weeks, the corn market is due for a pullback. Fundamentally bearish factors include sluggish export demand and poor ethanol processing margins.



Soybean futures are called 9 to 10 cents lower. Overnight trade was 5 to 10 1/4 cents lower. Outside markets are expected to weigh on soybean trade. Crude oil and gold traded lower overnight and the dollar was up strongly. However, losses should be limited by strong export demand. Dry weather in Argentina and southern Brazil remains supportive, although some forecasts do call for chances of rain this weekend.



Wheat futures are called 10 to 12 cents lower. Overnight CBOT trade was 12 to 13 1/4 cents lower and the KCBT was 9 1/2 to 9 3/4 cents lower. The market is expected to be pressured by spillover pressure from outside markets. The sharp jump in the dollar overnight is not favorable for the export market and demand is already sluggish. Losses are expected to be limited by the technical uptrend and forecasts for cold weather in the Plains that could cause some winterkill.



Cattle futures are called steady to mixed as traders gear up for the Cattle on Feed report due out this afternoon. Cash trade has developed at $84 in Kansas and $132.50 dressed in Nebraska this week, steady to a little lower than last week. Beef prices were lower on Thursday, with choice cutouts down $2.59. The trade estimates for the Cattle on Feed report for on feed numbers are down 6%, placements down 6% and marketing down 11%.



Lean hog futures are called steady to mixed. Cash markets have turned lower this week as packers have needs covered. However, the $1.49 jump in pork cutouts could help stabilize the cash market next week. Outside markets will be bearish as the dollar index was up sharply overnight, which is a negative for export demand.