Corn futures are called 2 cents higher. Overnight trade at 6:45 am CT was 2 1/4 cents higher. With little fresh fundamental news, corn traders continue to follow outside markets. Strength in Dow Jones futures and weakness in the dollar index overnight will be supportive. However, gains will be limited by lackluster export demand. China has not been importing corn due to record corn production in 2011.

Soybean futures are called 7 to 8 cents higher. Overnight trade at 6:45 am CT was 7 1/2 cents higher. The market rallied overnight on light fund buying and outside market support. Dow Jones futures were solidly higher overnight as European and Asian markets were trading higher. But gains are expected to be limited by rising soybean production estimates for South America.

Wheat futures are called steady to 5 cents higher. Overnight trade at 6:45 am CT was 1 3/4 to 2 1/2 cents higher at the CBOT, 3/4 of a cent lower at the KCBT and 4 3/4 cents higher at the MGE. Weakness in the dollar index and gains in corn and soybeans will be supportive for the CBOT while the MGE has rallied on strong demand for higher quality milling wheat. Weekly export sales reported on Thursday morning were at the high end of trade expectations. However, gains are expected to be limited by bearish global supply/demand fundamentals and on some needed precipitation in the southern Plains.

Cattle futures are called steady to mixed as traders wait for the cash market to develop for direction. Boxed beef prices continue to decline and packer margins are poor. However, packers are short-bought and may need to hold cash bids near steady to maintain slaughter schedules.

Lean hog futures are called steady to mixed. Pork cutouts rebounded $1.09 on Thursday after strong losses on Wednesday. Cash markets fell yesterday and steady to lower bids are expected today. Some support could come from short-covering ahead of the weekend.

Cotton futures are trading slightly higher this morning. Choppy trade is expected ahead of the weekend with some light support coming from strength in Dow Jones futures and weakness in the dollar index overnight. At 6:35 am CT March cotton was trading 20 points higher.