Corn futures are called steady to 1 cent lower. Overnight trade at 6:30 am CDT was 1/4 to 3/4 of a cent lower. The market is expected to be cautious following the volatile stock market trade on Thursday. Supportive factors include weakness in the dollar and strength in crude oil and gold overnight. Also, export demand has been strong recently. But on the bearish side, rainfall moving in the Midwest is expected to benefit the crop as planting delays are not a concern. Trade expectations are for corn planting progress to be near 80% by the end of the weekend.


 


Soybean futures are called steady to 1 cent higher. Overnight trade at 6:30 am CDT was 1/2 cent lower to 1 1/4 cents higher. Consolidation trade is expected following the strong losses on Thursday. Gains will be limited by caution about the stock market after the sharp moves on Thursday. The dollar was lower and crude oil and gold were higher overnight. Soybean export demand has slowed as importers are shifting their business to South America.


 


Wheat futures are called steady to mixed. Overnight trade at 6:30 am CDT was 1 to 1 1/4 cents lower at the CBOT, steady to 1/4 cent higher at the KCBT and 1/4 cent lower to 1/2 higher at the MGE. Outside markets will continue to be watched for direction. The dollar was lower overnight, but there is still uncertainty about the stock market following the volatility yesterday. The Wheat Quality Council tour of Kansas wheat showed yield estimates below expectations. But fundamentals remain mostly bearish with large global wheat stocks and sluggish demand for U.S. wheat.


 


Cattle futures are called steady to mixed. Choppy futures trade is expected as cash business is likely done for the week. Tight supplies of market ready cattle and favorable margins supported prices this week. But gains will be limited by uncertainty about the global economy. The stock market was very volatile on Thursday and strength in the dollar could hamper beef exports.


 


Lean hog futures are called steady to mixed. Cash trade has eased late in the week as packer margins have declined. Pork cutout values were up 44 cents on Thursday, but recent losses in pork and strength in cash prices have weighed on packer margins. Outside markets could influence trade. Recent gains in the dollar and weakness in the stock market is a bearish concern, although the dollar was lower overnight.