Corn futures are 2 to 2 3/4 cents lower. Light profit-taking following Thursday’s rebound has the market edging lower. However, prices are being supported by higher wheat and soybean. Outside markets are mildly negative for corn with the dollar index higher and crude oil lower.

Soybeans are 5 to 6 cents higher in early trade. Futures are stronger despite improving weather. Overnight rain in north central to southern Illinois and western Indiana will provide a late season boost for soybeans. Even so, many areas remain too dry. November futures have moved back to the middle of a broad trading range centered on about $16.25.

Wheat futures are 5 to 8 cents higher. Drought reduced Black Sea production and limited exportable supply remains a concern. Russia’s exportable supplies are dwindling, and while they haven’t announced export restrictions, some move appears likely. Ukraine has indicated they will follow Russia’s steps in terms of limiting exports.

Cattle futures are 25-35 points lower. Ideas that the beef market is close to a near-term peak and profit-taking ahead of USDA Cattle on Feed report later today has the cattle market on the defensive. The Cattle on Feed report is expected to show heavy placements during June although they are likely to be down from 2011’s record level. Placements during July are expected to be down 8% with marketings up 2% leaving August 1 cattle on feed up about 1%.

Hog futures are 30-60 points higher. Futures are a little firmer after trading lower most of the week. Still, gains are likely to be limited by increased slaughter and rising weights suggesting some liquidation of the breeding herd is underway.

Cotton futures are 48 points higher. Export demand and China’s trade policies remain the key market features, but recent FSA data on certified crop acreage suggests USDA’s cotton acreage figure may be too high.