Corn futures are called 1 to 2 cents higher. Overnight trade was 3/4 to 1 1/2 cents higher. Outside markets are expected to provide light support. Dow Jones futures and crude oil were higher overnight while the dollar index traded lower. However, gains will be limited by generally favorable weather for crop development. Warmer temperatures with another round of rain moving across the Corn Belt should benefit crop conditions in most areas.



Soybean futures are called steady to mixed. In the two most active contracts in overnight trade, July was 1/4 of a cent higher and November was 1/4 of a cent lower. While fundamentals remain generally bullish, profit-taking has pressured prices this week and are expected to limit gains this morning. But small gains are likely this morning as old-crop stocks remain tight and planting delays are a concern for the tail end of soybean planting. Outside markets should also provide some support as higher stock market trade is expected and crude oil was higher overnight while the dollar traded lower.



Wheat futures are called 4 to 5 cents higher. Overnight CBOT trade was 3/4 to 4 cents higher and the KCBT was 4 3/4 to 5 3/4 cents higher. The market is expected to find support early in the session on spillover support from corn and outside markets. The dollar index was lower overnight. Some rainfall in Kansas will slow harvest activity there and more rain in the SRW belt will keep disease concerns alive. However, increasing harvest pressure will limit gains and could push prices lower ahead of the close.



Cattle futures are called steady to mixed. Choppy market action is expected as traders wait for cash trade to develop and as they gear up for the Cattle on Feed report due out this afternoon. Light cash trade in the North has developed this week at generally steady prices. The average trade expectations for the COF report are for on feed numbers to be 97%, May placements at 88% and May marketings at 91% of year-ago.



Lean hog futures are called steady to mixed. Pork cutouts gained back 71 cents yesterday of the big drop on Wednesday. Cash markets are mostly steady as tighter hog supplies are being countered by poor packer margins. But heavy slaughter weights and ample pork supplies will continue to hang over the market until export and domestic demand can show more improvement.