Corn futures are called steady to mixed. Overnight trade at 6:45 am CT was 3/4 to 1 cent lower. Weakness in the dollar and short-covering from recent losses are expected to provide some support. However, gains have been limited and futures were slightly lower overnight as fund selling remains a bearish factor on outside market uncertainty. Underlying support should come from USDA’s smaller crop production estimate this week and the forecast for ending stocks to be at a 16 year low. 

Soybean futures are called 3 to 4 cents higher. Overnight trade at 6:45 am CT was 3 1/2 to 4 cents higher. Technical buying and short-covering are supporting the market overnight after falling to a one-month low on Thursday. Outside markets were slightly supportive overnight as the dollar index was lower. However, gains will be limited by uncertainty about the global economy and on USDA’s increased ending stocks estimate earlier this week.

Wheat futures are called mixed on the open. Overnight trade at 6:45 am CT was 1/4 to 1 3/4 cents lower at the CBOT, 3 1/4 to 4 cents lower at the KCBT while the MGE was 2 1/4 to 2 1/2 cents higher. Winter wheat futures were lower overnight on bearish global fundamentals and sluggish export demand. U.S. wheat continues to lose market share to cheaper wheat from the Black Sea region. However, losses were limited by weakness in the dollar index. The MGE is trading higher due to tight supplies of high protein spring wheat.

Cattle futures are called steady to higher. Strength in the cash cattle and beef markets this week will be supportive. Cash trade was $124 to $125 in the South, up $4-$5 from last week. Boxed beef prices have improved this week and choice cutouts were up $1.24 on Thursday. However, gains in futures could be limited by poor packer margins and ideas that the cash market could be topping.

Lean hog futures are called steady to mixed. Pork prices were up slightly on Thursday, but the steady to lower tone in the cash market is expected to continue today. Ample hog numbers and increased slaughter weights have pushed pork production higher. Domestic demand is slowing seasonal, but export demand remains a supportive factor.

Cotton futures are trading lower this morning. Light profit-taking is weighing on the market after the gains on Thursday. The market was supported by strong demand from China reported in the weekly export sales report on Thursday morning. At 6:30 am CT, December cotton was 26 points lower.