Corn futures are called 3 to 4 cents higher. Overnight trade was 3 to 4 1/4 cents higher. Technical buying is expected to push prices higher on the open with little fundamental news available. The USDA baseline forecast released yesterday shows very strong demand projections, although the acreage number for this year at 86 million is below current market ideas. Weekly export sales will be released this morning, with pre-report estimates ranging from 28-39 million bushels.



Soybean futures are called 4 to 5 cents higher. Overnight trade was 3 3/4 to 5 1/4 cents higher. After pulling back slightly from technically overbought levels yesterday, the market looks ready to move higher again. Demand remains strong although old-crop supplies are record large. USDA's baseline projections do not show as big of cut in acreage as the market is currently thinking, but USDA still has ending stocks in 2007-08 falling 240 million bushels to 355 million. Weekly export sales are expected to be in the 17-26 million bushel range.



Wheat futures are called 2 to 3 cents higher. Overnight CBOT trade was 1 1/2 to 2 1/2 cents higher and the KCBT was 2 1/2 to 3 cents higher. The market tested key support levels on Wednesday, but was able to bounce from there. The corn market is expected to provide some support this morning due to the narrow premium in wheat prices to corn. Generally favorable weather for the hard red winter wheat crop will be countered by the prospects of lower spring wheat acreage. Pre-report expectations for the weekly export sales report range from 15-24 million bushels.



Cattle futures are called steady to mixed. Profit-taking from contract highs weighed on futures yesterday, but little technical damage was done. Beef prices continue to shoot higher, but there is concern that the higher prices will curb demand. Underlying support will come from wintery weather in the Plains that continues to hamper feedlot operations.



Lean hog futures are called steady to mixed. Some profit-taking is expected following the strong gains posted on Wednesday that pushed futures to new highs. Cash markets are called mostly steady. Packer margins have improved recently, but pork cutouts were down 54 cents on Wednesday.