Corn futures are called 1 to 2 cents higher. Overnight trade ended 1 to 1 3/4 cents higher. We look for the market to build off yesterday's gains, with index fund buying likely. Concern that La Nina conditions could negatively affect summer weather and recently strong export sales will be supportive factors.



Soybean futures are called steady to 1 cent higher. Overnight trade was 1/4 to 1 1/4 cents higher. Forecasts for a return to warm and dry weather in Argentina helped support prices on Thursday. We look for traders to consolidate recent losses on the open.



Wheat futures are called 2 to 3 cents higher. Overnight trade was 1 1/4 to 3 cents higher. Conditions remain dry in the southern Plains and the recent NOAA forecast raises concern that La Nina could bring about dry weather this spring. Index fund money is likely to help extend gains.



Cattle futures are called steady to mixed. Cash fundmentals are poor with cash trade down about $3 lower this week and boxed beef prices declining $1.06 to $1.70 yesterday. However, some short-covering following recent losses could provide support ahead of the weekend.



Lean hog futures are called steady to lower. Spillover selling and yesterday's $1.63 drop in pork cutouts will be negative factors this morning. However, losses are expected to be limited by oversold conditions that could encourage short-covering ahead of the weekend.