Corn futures are called 5 to 7 cents higher. The Supply/Demand report released this morning was supportive as USDA lowered their ending stocks estimate for 2008/09 to 1.7 billion bushels, down 40 million from last month. USDA raised feed use by 50 million bushels from last month. The market is also expected to be supported by spillover from soybeans as well as the stock market and crude oil. Weekly export sales reported this morning were above trade expectations at 41.8 million bushels. Overnight trade was 3 1/4 to 3 1/2 cents higher.



Soybean futures are called 25 cents higher on the open. USDA cut their ending stocks projection for 2008/09 to the very tight level of 165 million bushels, down 20 million from last month. USDA raised exports 25 million bushels and lower crush by 5 million. Argentina's soybean production figure was lowered to 39 million tonnes compared to 43 million tonnes last month. Coupled with strength in the financial markets and overnight strength, futures should open strongly higher. Overnight trade was 14 1/4 to 17 cents higher.



Wheat futures are called 7 to 10 cents higher. USDA's ending stocks estimate for 2008/09 was 696 million bushels, matching pre-report trade estimates. Feed use was raised 20 million bushels while imports were increased 5 million. Spillover support from soybeans and strength in outside financial markets will help push prices higher. Weekly export sales were neutral at 7 million bushels of old-crop sales and 6.8 million of new-crop. Overnight CBOT trade was 5 to 7 cents higher and the KCBT was 7 to 7 1/2 cents higher.



Cattle futures are called higher on the open. Some cash trade developed in Nebraska yesterday at $1-$3 higher than last week on a dressed basis. Trade in the southern Plains is expected to develop today at firm prices compared to the mostly $85 last week. Expected strength in the stock market today will also provide some strength for the commodity markets.



Lean hog futures are called steady to higher. Pork cutouts were up again yesterday, gaining 94 cents. Packer margins remain poor, but have been improving as cash prices have been declining this week. The slower slaughter pace on Friday and Monday around the Easter holiday will lower pork supplies while demand is expected to soon improve seasonally. With hog supplies tightening, cash markets could begin to move higher next week.