Corn futures are called narrowly mixed on the open. Overnight trade was 1/4 of a cent lower to 1/2 higher. Consolidation type trade is expected this morning. Technical support was able to hold yesterday and prices rallied late. There appears to be good buying interest on breaks in the market, but there is little fresh news for traders to focus on now.



Soybean futures are called steady to 1 cent higher. Overnight trade was 1/2 to 3/4 of a cent higher. Fund selling pushed prices lower on Thursday. However, the influence of the corn market will remain an important factor as the crops battle for acreage this spring. Export demand remains strong with export sales running 29 percent above year-ago levels.



Wheat futures are called steady to mixed. Overnight CBOT trade was 3/4 of a cent lower to 1 3/4 cents higher and the KCBT was 1 1/2 to 2 cents lower. Weakness early on Thursday pushed prices to two week lows, but the lower prices attracted renewed buying interest to leave a near-term low on the charts. Despite disappointing export sales last week, export demand is expected to show improvement that should provide support over the next few weeks.



Cattle futures are called steady to mixed. The lack of cash trade so far this week and positioning ahead of the Cattle on Feed report are expected to keep the futures market choppy today. Packers have had the upper hand in cash negotiations in recent weeks. Cash could develop at steady to $1 lower levels today, but declining slaughter weights and beef production should help stabilize the cash market soon.



Lean hog futures are called steady to higher. The futures market is technically strong, but the cash market will need to show some strength soon for futures to continue higher. Cash markets are called mostly steady today on limited packer demand as most have needs covered through the beginning of next week.