Corn futures are called 1 cent higher on the open. Overnight trade was 1/2 to 1 1/4 cents higher in the most active contracts. Futures are expected to be choppy today as traders mark time ahead of the Prospective Plantings report due out a week from today. Wet weather forecasts for the Midwest will be slightly supportive, although it is still a little early to become concerned about planting delays.



Soybean futures are called steady to 1 cent lower. Overnight trade was 1/4 to 3 cents lower. Some profit-taking is expected on the gains posted yesterday. Old-crop fundamentals remain bearish with harvest progress expanding in South America, which will soon shift export demand away from the U.S. Speculative buying has helped the November '08 contract lead the recent rally as the market is already fighting for acreage next season.



Wheat futures are called mixed. Overnight CBOT trade was 1 1/4 cents lower to 1 cent higher and the KCBT was 3/4 of a cent lower to 1/4 higher. Technical strength after bottoming action earlier this week will be countered by favorable winter wheat crop prospects in the Plains. Recent weakness has attracted enough new export business to lend support.



Cattle futures are called steady to lower. Light cash trade developed in Nebraska at $157 dressed, down $2-$3 from last week. Boxed beef prices were down again on Thursday, dropping $2.58 to $3.13. Weakness in futures will be limited by positioning ahead of the Cattle on Feed report that is due out after the close this afternoon.



Lean hog futures are called lower. Cash markets are expected to be mixed as Thursday's light marketings could have packers in need of some late-week supplies. However, the $1.79 drop in pork cutout values will limit bids. The decline in pork prices will trim some of the recent improvement in packer margins.