Corn futures are called narrowly mixed on the open. Overnight trade was 1 cent lower to 1/2 of a cent higher. Forecasts for more weekend rainfall in the eastern Corn Belt will be slightly supportive this morning. However, gains will be limited by forecasts for drier weather next week. Lower crude oil prices and strength in the dollar index overnight will also limit gains. Updated weather forecasts will be watched for direction ahead of the close.



Soybean futures are called 1 to 3 cents higher following overnight trade in that range. Bullish old-crop fundamentals and technical strength will support futures trade. Old-crop stocks are projected to be very tight and export sales and shipments continue to be strong. The new-crop ending stock projection is also tight and leaves little room for a production shortfall. Soybean planting delays threatens to lower yield potential in the southern and eastern Midwest, although extended forecasts do show a drying trend.



Wheat futures are called 2 to 4 cents lower. Overnight CBOT trade was 1 1/2 to 5 cents lower and the KCBT was down 2 1/2 to 3 1/4 cents. Sluggish export demand and recent favorable weather in the HRW wheat belt will pressure prices. With only a few weeks left in the market year, it is very unlikely that USDA's export projections will be met. However, losses will be limited by continued spring wheat planting delays. Also, the SRW wheat crop belt is generally wet, raising the potential for increased disease pressure.



Cattle futures are called steady to mixed. Cash trade developed at mostly $85 in the south, up $1 from last week, and $137 dressed in the North, up $2 from last week. Packer margins remain favorable, but gains in the futures market will be limited by concern about beef demand as boxed beef prices have stalled recently at a time when wholesalers should be working on Memorial Day orders.



Lean hog futures are called steady to higher. Pork cutouts moved higher again on Thursday, gaining 89 cents. The cash market held steady, but concern that bids may slip next week will limit gains in the futures market. Packer margins are negative as cash market prices have rallied more than pork cutouts. Position evening ahead of the weekend could lead to some choppy trade today.