Corn futures are called 1 to 2 cents higher. Overnight trade was 1 to 1 1/2 cents higher. Outside market influence was mostly bearish overnight. Crude oil trade and Dow Jones futures were lower, while the dollar traded slightly higher. But spillover support from soybeans helped pull futures slightly higher. Forecasts for rain in the Midwest are potentially bullish as wet conditions could eventually cause some planting delays this spring.



Soybean futures are called 8 to 9 cents higher in old-crop months. Overnight trade was 8 to 9 cents higher in the old-crop and 3 cents higher in new-crop. Commercial buying is expected to support futures this morning. Old-crop supplies remain tight and export demand has been very strong. However, gains will be limited by outside market influence. The stock market is expected to open lower and crude oil trade was weaker overnight while the value of the dollar ticked higher.



Wheat futures are called 1 to 2 cents lower. Overnight CBOT trade was 1/2 to 2 cents lower and the KCBT was 1 3/4 to 2 1/4 cents lower. Old-crop fundamentals remain bearish with sluggish export demand and large world wheat stocks. However, new-crop fundamentals are much more supportive as smaller acreage and weather problems in the southern Plains will limit production. Recent weakness in the dollar should help U.S. wheat become more competitive on the world market, but the dollar did move a little higher overnight.



Cattle futures are called steady to higher. Cattle trade developed in the North at $133 dressed, up $2-$3 from last week. This should help feedlots in the south to get $82 today, which would be up $1 from last week. Positioning ahead of the Cattle on Feed report could also provide some support. However, gains will be limited by further weakness in beef prices. Choice cutouts were down $1.21 and select fell 82 cents.



Lean hog futures are called steady to higher. The sharp jump in pork cutouts of $1.87 will help improve packer margins. Cash prices have been moving lower, but could show some improvement next week. Outside markets have been supportive recently, but weaker Dow Jones futures overnight and light strength in the dollar will limit gains in hog futures.