Corn futures are called to open near steady. Overnight trade at 6:45 am CT was steady to 1/2 of a cent lower. Outside market strength and ideas that USDA will lower acreage by 500,000 acres or more in the August Crop report helped turn prices higher on Thursday. Outside markets were slightly supportive overnight and traders will continue to wrestle the acreage ideas. However, weather remains generally favorable for the crop although the late maturity could become more of an issue with the recent cooler than normal temperatures and mild forecasts.

Soybean futures are called mixed. Overnight trade at 6:45 am CT was 4 cents higher in the August contract and 3 cents lower in the November. Traders were unwinding bull spreads on Thursday, which supported new-crop and weighed on old-crop. We may see that tip the other way slightly today as traders gear up for the weekend. Strong weekly export sales and tight old-crop stocks will remain a supportive factor for old-crop. Meanwhile, mild weather will be bearish for new-crop although late maturity is a concern.

Wheat futures are called steady to 1 cent higher. Overnight trade at 6:45 am CT was 1/4 to 1/2 of a cent higher at the CBOT and 1 3/4 cents higher at the KCBT. Outside markets and spillover support from corn and soybeans helped push prices higher on Thursday. Follow-through buying is expected to be limited as export demand for U.S. wheat remains sluggish and as global wheat supplies are ample. Spring wheat trade will be limited by good growing conditions in the northern Plains.

Cattle futures are called steady to mixed. Choppy trade is expected today ahead of the monthly Cattle on Feed report and semi-annual Cattle Inventory reports. Cash trade so far this week has been mixed with generally steady to $1 lower live prices in South and steady to $1 higher trade on dressed basis in the North. Boxed beef prices continue to rise with choice cutouts gaining another 91 cents on Thursday and rallying around $6.50 this week.

Lean hog futures are called lower again this morning. Futures have fallen sharply this week in part on ideas that pork cutout values were near a top. Pork cutouts were down $1.58 on Thursday, giving some indications that those ideas may be true. We look for futures to trade lower again this morning, but a short-covering bounce ahead of the weekend is possible.