Corn futures are called 3 to 4 cents higher. Overnight trade at 6:45 am CT was 3 1/4 to 3 3/4 cents higher. Light short-covering helped support prices overnight after the lower prices posted so far this week. The December contract has been able to hold above $7, but technical selling could pick up if that level is broken. USDA has lowered its production estimate, but has also revised usage lower. However, some early harvest reports indicate better than expected yields.

Soybean futures are called 6 to 7 cents higher. Overnight trade at 6:45 am CT was 6 3/4 to 7 1/4 cents higher. After the losses so far this week, short-covering is providing light support to the market. The market has been pressured this week by the bearish USDA reports and fund long liquidation. On Monday, USDA raised its production estimate slightly and raised ending stocks. Export demand remains sluggish and NOPA monthly crush fell below trade expectations.

Wheat futures are called 3 to 6 cents higher. Overnight trade at 6:45 am CT was 6 cents higher at the CBOT and 3 cents higher at the KCBT. Short-covering from technically oversold levels are helping support the wheat market this morning. But gains are expected to be limited by the bearish global supply/demand outlook. Export demand for U.S. wheat remains sluggish as competition for sales has increased. Strength in the dollar index overnight is a bearish factor for U.S. exports.

Cattle futures are called steady to mixed as traders wait for the cash market to develop. Firm trade is expected compared to the mostly $118 trade last week. Generally smaller showlists and short-bought packers are expected to drive prices higher. Boxed beef prices were higher early in the week, but have turned mixed the second half. Strong export demand remains an underlying supportive factor.

Lean hog futures are called steady to mixed. Pork cutouts were down 50 cents on Thursday and cash trade has turned mostly steady. Talk of increased demand from China has been supportive for futures recently. However, cash fundamentals remain shaky due to increasing slaughter weights and the expectations for rising numbers of market ready hogs.

Cotton futures are trading higher this morning. Short-covering is supporting the market after futures were sharply lower on Thursday. The market was pressured by disappointment from export sale cancelations. At 6:30 am CT, December cotton was 43 points higher.