Corn futures are called 3 cents higher. Overnight trade was 2 1/2 to 3 1/2 cents higher. A rebound in outside markets overnight and light commercial buying s expected to support the corn market. Dow Jones Industrial Average futures were higher overnight and crude oil was also higher while the dollar index was lower. Recent export business has been strong although USDA's weekly export sales report will be delayed until Friday due to the President's Day holiday on Monday.



Soybean futures are called 7 to 8 cents higher. Overnight trade was 5 1/2 to 8 cents higher. A short-covering bounce is expected this morning as outside markets provide support. The stock market is expected to open higher and crude oil was up over $1 overnight. Weakness in the dollar index last night will be supportive for the export market. Gains will be limited by forecasts for rain in Argentina the next several days.



Wheat futures are called 3 to 4 cents higher. Overnight CBOT trade was 1 1/4 to 3 3/4 cents higher and the KCBT was 2 to 3 3/4 cents higher. Spillover support from corn and soybeans and weakness in the dollar index overnight should help push wheat futures higher on the open. Export demand has been sluggish, but USDA's export sales report will be delayed until Friday due to the holiday on Monday. Gains will be limited by ideas that the global recession will curb wheat usage and demand.



Cattle futures are called steady to lower. Cash trade developed yesterday at lower prices. Live cattle trade was $80-$81 and dressed business was $128-$129, both down $2-$3 from last week. In addition, boxed beef prices were lower yesterday, falling $0.85 to $1.34. Futures are becoming technically oversold, which could limit losses or trigger a short-covering rally.



Lean hog futures are called lower on the open. The cash market is expected to turn lower today as pork cutout values fell $1.32 on Wednesday. Concern about the economy and declining pork demand will limit gains. Packer margins remain poor and packers are unlikely to raise bids much until profits can improve.