Corn futures are called 15 to 20 cents lower. USDA's Supply/Demand report was bearish as ending stocks were raised to 1.474 billion bushels, up 350 from last month and about 250 million above trade expectations. USDA lowered corn used for ethanol by 300 million bushels and lowered exports by 100 million. The large cut in U.S. consumption along with a larger Chinese corn crop boosted global corn ending stocks by 13.7 million metric tons. Losses may be trimmed somewhat by strength in crude oil overnight and expectations for a firm stock market, but the bearishness of the Supply/Demand report should push prices strong lower. Overnight trade was 1 1/2 to 2 3/4 cents higher.



Soybean futures are called 5 cents higher. The Supply/Demand report was neutral to slightly bearish. USDA left ending stocks at 205 million bushels while traders were looking for it to be lowered to 200 million. USDA lowered crush by 30 million bushels, but raised exports by that amount. However, weekly export sales reported this morning were strong at 29.9 million bushels. In addition, strength in crude oil overnight and weakness in the dollar will be supportive factors. Overnight trade was 5 to 10 1/4 cents higher.



Wheat futures are called 15 to 20 cents lower. USDA's Supply/Demand report was bearish as ending stocks were raised 20 million bushels to 623 million bushels versus trade expectations for ending stocks to decline slightly. Spillover selling from corn is also expected to weigh on prices. Further losses should be limited by firm crude oil futures and gold overnight and weakness in the dollar. Overnight CBOT trade was steady to 1 1/2 cents lower and the KCBT was 3/4 of a cent higher.



Cattle futures are called steady to higher. Follow-through buying and spillover from outside market strength should push prices higher. Cash trade is currently expected to develop around steady with last week's $86-$87. However, declining boxed beef prices could limit any strength or push prices lower.



Lean hog futures are called steady to lower. Pork cutouts were 75 cents lower on Wednesday and are expected to continue lower as season ham demand wraps up. Cash markets turned lower yesterday and will likely continue lower in step with pork prices. Packer margins have narrowed and plants are expected to slow slaughter.