Corn futures are called 1 cent higher on the open. Overnight trade at 6:45 am CT was 3/4 to 1 cent higher. The March contract fell to a new low for the move overnight before turning higher. Outside markets provided some support as the dollar index was lower and Dow Jones futures, crude oil and gold were higher. Short-covering is expected to provide some support, but the lack of bullish news will likely limit gains.

Soybean futures are called 6 to 7 cents higher. Overnight trade at 6:45 am CT was 6 1/2 to 7 1/4 cents higher. Fund selling and global economic concerns have been weighing on futures recently. But short-covering and some outside market support helped push prices higher overnight. The dollar index was trading lower overnight while Dow Jones futures, gold and crude oil were firm. USDA will release a new weekly Export Sales report this morning. Earlier this month USDA lowered its export forecast due to lackluster export demand.

Wheat futures are called 3 to 5 cents higher. Overnight trade at 6:45 am CT was 3 3/4 to 4 1/4 cents higher at the CBOT and 4 3/4 to 5 cents higher at the KCBT. Short-covering from technically oversold conditions and some weakness in the dollar index overnight is providing light support for the market. The weekly Export Sales report this morning is expected to confirm the sluggish pace of wheat exports. However, gains are expected to be limited by bearish global supply/demand fundamentals. Recent news indicates rising world wheat production.

Cattle futures are called steady to mixed. Choppy trade is expected as the cash market has not developed yet this week and as traders even positions ahead of the Cattle on Feed report due out on Friday. Boxed beef prices have been choppy recently and indicate that demand is still lackluster. Strength in Dow Jones futures and weakness in the dollar index could provide some light support.

Lean hog futures are called steady to mixed. Steady to lower cash trade and fund long liquidation will be bearish factors this morning. However, mixed trade is expected as pork cutouts were up 41 cents on Wednesday. Concern about the global economy has weighed on the market recently, but outside markets overnight could provide some light support as the dollar index was lower while Dow Jones futures were higher.

Cotton futures are trading higher this morning. Light short-covering is supporting the market after declining to 16 month lows on Wednesday. Global economic fears have pressured prices, but outside markets are providing light support as the dollar index is lower and Dow Jones futures higher overnight. At 6:35 am CT March cotton was 48 points higher.