Corn futures are called 3 to 4 cents higher. Overnight trade at 6:30 am CT was up 3 to 4 cents. Commercial buying is expected to support the nearby September contract. Deferreds will be pulled higher by spillover support from soybeans, the small bounce in crude oil futures overnight and weakness in the dollar. Traders are looking for a supportive weekly export sales report this morning. Shipments have been strong recently although they need to be at least 53.3 million bushels to stay on pace to reach USDA's 1.8 billion bushel export forecast.



Soybean futures are called 20 cents higher. Overnight trade at 6:30 am CT was 15 1/2 to 23 cents higher. Strength in the nearby August contract is expected to pull deferred months higher as well. Tight old-crop stocks and continued export demand has kept commercial buying strong for old-crop. In the weekly export sales report, shipments need to be at least 15.3 million bushels to stay on pace to reach USDA's 1.26 billion bushel export forecast. The bounce in crude oil and weakness in the dollar overnight will also provide support.



Wheat futures are called 4 to 5 cents higher. Overnight trade at 6:30 am CT was 5 to 5 3/4 cents higher at the CBOT, 5 cents higher at the KCBT and 3 3/4 cents higher at the MGE. Weakness in the dollar, spillover support from corn and soybeans and some bottom picking at current low levels will support the wheat markets. The weekly export sales report will be released this morning and sales, although early in the marketing year, need to be about 16 million bushels to stay on pace to reach USDA's 925 million bushel export forecast. Gains at the MGE may be limited by the Wheat Quality Council's tour of spring wheat that has found strong yield potential the first two days.



Cattle futures are called steady to mixed. Futures turned lower on Wednesday, but some short-covering is expected today. Cash trade has not yet developed. Showlists are tighter this week, but there are reports that some packers will slow slaughter schedules the rest of the week. This would limit the cash market, but should be supportive for boxed beef prices, which eased a little lower yesterday.



Lean hog futures are called lower on the open. The market is expected to turn lower again today following the $2.50 drop in pork cutouts on Wednesday. Futures turned mixed yesterday on a short-covering rally from contract lows and technically oversold conditions. However, bearish fundamental news will likely push futures lower again this morning.