Corn futures are called 2 to 3 cents higher. Overnight trade was 1/4 to 3 cents higher. Light short-covering is expected after the losses yesterday. The stock market is expected to open lower again this morning, but there should be some fundamental support from the cut in USDA's ending stocks estimate. Weekly export sales are expected to be strong at 16-32 million bushels. Shipments will be watched as they need to average 22 million bushels a week to reach USDA's 1.7 billion bushel export forecast.



Soybean futures are called 3 to 5 cents higher. Overnight trade was 1 3/4 to 5 cents higher. Some supportive fundamental news should help the market open higher this morning following the losses on Wednesday. However, gains will be limited by weakness in overseas stock markets and Dow Jones futures overnight. But USDA's drop in the U.S. ending stocks estimate by 25 million bushels to only 185 million and expectations for strong weekly export sales are supportive factors. Pre-report trade estimates range from 11-18 million bushels for the weekly export sales report.



Wheat futures are called 2 to 3 cents higher. Overnight CBOT trade was 2 3/4 to 3 1/4 cents higher and the KCBT was 3/4 cents higher. Light spillover support is expected from corn and soybeans as the wheat market tries to recover from the strong losses on Wednesday. However, gains will be limited by the lack of fundamental support for wheat. USDA raised their ending stocks estimate by 57 million bushels to 712 million and weekly export sales have been sluggish recently. Pre-report trade estimates range from 7-18 million bushels. With only 13 weeks left in the marketing year, shipments are likely to fall short of the 18 million bushel pace needed to reach USDA's 980 million bushel export forecast.



Cattle futures are called steady to lower. Boxed beef prices have been mixed this week and packer margins remain poor. Cash trade is expected to be around steady with last week at $82, but some light trade developed at $80.50-$81 yesterday. Weakness in Dow Jones futures overnight and overseas stock markets will be a bearish influence on the market.



Lean hog futures are called steady to mixed. Cash markets have turned lower this week as packers slow slaughter amid poor margins. However, pork cutouts have rebounded, gaining 98 cents on Wednesday. But gains are expected to be limited by outside markets. The stock market is expected to open lower this morning and the dollar index was higher overnight.