Corn futures are called 3 to 4 cents higher. Overnight trade was 2 1/2 to 4 1/4 cents higher. After a round of profit-taking on Wednesday, the market popped higher again overnight. Harvest pressure will remain limited as rain has slowed activity this week and forecasts show more chances of precipitation through next week. Strong export demand remains a supportive force and weekly commitments to be reported this morning are expected to be in the 32 to 39 million bushel range.



Soybean futures are called 7 to 8 cents higher. Overnight trade was 7 1/2 to 8 1/4 cents higher. Despite losses sizable losses in corn and wheat, soybeans were able to push higher yesterday. Technical buying is expected with the Nov contract now above the $6 level. Slowed harvest progress and strong demand will be supportive although the large crop and ending stocks estimates will remain underlying bearish factors. Weekly export sales are expected to be strong again this morning at 26 to 40 million bushels.



Wheat futures are called 5 to 6 cents higher. Overnight CBOT trade was 4 3/4 to 7 1/4 cents higher and the KCBT was 4 1/4 to 5 1/2 cents higher. The market is expected to bounce off of yesterday's profit-taking losses. The market was overbought and due for a correction. USDA will release new weekly export sales totals this morning and traders are looking for commitments of only 9 to 22 million bushels. U.S. wheat exports still have not improved enough to sustain the upward momentum.



Cattle futures are called steady to higher. Improved packer margins are expected to encourage at least steady cash bids this week with the $88 trade last week. Beef prices continue to climb and packers are believed to be short-bought. Futures gains will likely be limited until cash markets develop as the futures market remains rather defensive.



Lean hog futures are called lower. Weaker cash bids and pork cutouts values are expected to push futures lower. Cash is called $1 to $2 lower following yesterday's $2.27 drop in pork cutouts. The heavy slaughter pace is expected to keep pork prices on the defensive.