Corn futures are called 1 to 2 cents higher. Overnight trade was 1 3/4 to 2 1/4 cents higher. Recent gains have been attributed to technical buying as fund long liquidation has ceased for now. Weekly export sales are expected to show strong demand for corn with trade expectations ranging from 51-67 million bushels.



Soybean futures are called steady to 1 cent higher. Overnight trade was 3/4 to 1 cent higher. The recent light short-covering bounce is expected to follow-through this morning. Export demand is expected to be decent with pre-report estimates for weekly sales at 18-29 million bushels. However, gains will continue to be limited by favorable weather for soybeans in the pod-filling stage and ideas of increasing yields.



Wheat futures are called 3 to 5 cents higher. Overnight CBOT trade was 3 1/2 to 6 1/4 cents higher and the KCBT was 2 to 3 1/4 cents higher. We look for follow-through from yesterday's gains with indications that last Friday's low could possibly become a major bottom on the charts. Rumors of increased export interest with talk that India will need to buy more wheat will be supportive. Trade expectations for weekly export sales range from 13-20 million bushels.



Cattle futures are called steady to mixed. Trade is expected to be choppy until the cash market develops. Ideas are for steady to firm trade again this week from mostly $86 trade last week. Packer margins remain positive, but declining boxed beef prices are a concern that could limit higher bids.



Lean hog futures are called steady to lower. Futures have been hit by profit-taking the past two sessions after the strong run to contract highs. Strength in the cash market has been supportive, but expectations are for only steady bids today with possibly some weaker bids today or tomorrow as packers finish up Labor Day orders.