Corn futures are called steady to 1 cent higher. Overnight trade was 1/4 to 1 cent higher. After rallying early yesterday, prices could not push through technical resistance and the market sold-off. We look for firm trade this morning as the market sentiment remains bullish. Gains will be limited by seasonal harvest pressure although some rain in the eastern Corn Belt will slow activity there.



Soybean futures are called 1 to 2 cents higher. Overnight trade was 1 1/2 to 2 1/2 cents higher. Weakness on Wednesday pushed prices near technical support. However, recent export demand and ideas of good weekly export sales to be reported this morning will provide some support. Seasonal harvest pressure will limit gains although some activity will be slowed in the eastern Midwest by rain. Census crush out this morning could also provide direction.



Wheat futures are called 1 to 2 cents higher. Overnight CBOT trade in the most active months was 2 1/4 to 2 1/2 cents higher and the KCBT was 1/2 to 2 cents higher. Trade was volatile yesterday, closing mixed after testing higher and lower levels. Light strength is expected on the open, but gains will be limited by ideas of moderate weekly export sales and improved chances of much needed rainfall in Australia and Argentina. Weekly export sales are expected to be 13-18 million bushels.



Cattle futures are called steady to mixed. Choppy trade is expected until the cash market develops, which will likely not be until Friday. Packers have slowed slaughter a little this week and boxed beef prices have improved. However, margins remain poor and packers will likely be hesitant to raise bids. Cattle owners will be looking for higher bids with optimism coming from firm beef prices and higher bids late last week.



Lean hog futures are called steady to mixed. The market is expected to be choppy ahead of the Hogs and Pigs report due out on Friday. Cash markets are called steady to lower again today, but losses should be limited by the $1.69 jump in pork cutouts on Wednesday.