Corn futures are called steady to 1 cent lower. Overnight trade was 1/2 to 1 cent lower. Weather and outside markets continue to be major influences on the market. Weather has allowed for some fieldwork this week. While there are still chances of rain, overnight forecasts show warmer and drier weather for the southern and eastern Corn Belt two weeks out. Weekly export sales will be released this morning and trade expectations range from 32-37 million bushels.



Soybean futures are called 5 to 6 cents higher. Overnight trade was 5 to 5 3/4 cents higher. Bullish technical momentum and what is expected to be a supportive weekly export sales report should support futures trade. Old-crop fundamentals remain bullish with tight stocks and the strong pace of exports. Pre-report trade expectations for export sales range from 18-33 million bushels compared to the only 6 million bushels pace needed to reach USDA's export forecast.



Wheat futures are called steady to 1 cent higher. Overnight CBOT trade was 1 to 1 1/4 cents higher and the KCBT was steady to 1 1/2 cents higher. Export demand has been sluggish, but the weekly export sales report is expected to be in the 11-15 million bushel range, which is well above the pace needed to reach USDA's export forecast. However, large world wheat stocks and forecasts for rain in the central and southern Plains will limit gains. The MGE may find support from forecasts turning wetter for the northern Plains, which could cause further spring wheat seeding delays.



Cattle futures are called higher on the open. Strength in beef prices and expectations for firm cash trade this week will be supportive. Choice cutouts were up $3.72 yesterday. Light cash trade developed in Nebraska on Wednesday at $4-$5 higher on a dressed basis. This should help southern Plains feedlots build on last week's $86 trade. Some positioning ahead of the Cattle on Feed report due out Friday afternoon is expected to develop.



Lean hog futures are called steady to higher. Cash markets were higher on Wednesday and pork cutouts were up 60 cents. Bullish factors include tightening hog supplies and expected seasonal improvement in pork demand. Cash prices are expected to improve again today, but the premium of futures to cash may limit gains in the futures market.