Corn futures are called steady to 1 cent higher. Overnight trade was 1/2 to 3/4 of a cent higher. Futures are expected to consolidate yesterday's losses. Rumors of bird flu in Mexico have been confirmed as false. Demand for corn remains relatively strong for export, ethanol use and feed. However, ending stocks are expected to remain large.



Soybean futures are called 1 to 2 cents higher. Overnight trade was 1 1/2 to 2 1/4 cents higher. The market is expected to regain some of yesterday's losses. Bird flu rumors in Mexico are being dismissed as a hoax. However, gains will be limited by bearish fundamentals. Export sales are beginning to slow, which is normal for this time of year. China only bought one cargo of soybeans last week.



Wheat futures are called steady to 1 cent higher following overnight trade that ended that way. Fund selling pressured prices on Thursday, but we expect to see some short-covering ahead of the weekend. Forecasts for additional precipitation in the Plains early next week and lackluster export demand will limit buying interest.



Cattle futures are called steady to mixed. Cash trade so far this week has been mostly steady, but beef prices continue to slide. Boxed beef prices were $0.63 to $1.03 lower on Thursday. Positioning ahead of this afternoon's Cattle on Feed report is expected to limit futures movement.



Lean hog futures are called steady to firm. Cash markets are expected to hold mostly steady thanks to yesterday's $1.02 jump in pork cutouts. However, bearish fundamentals will limit rally attempts. Hogs supplies remain ample and large supplies of competing meats are expected to limit pork prices.