Corn futures are called steady to 1 cent higher. Overnight trade was unchanged to 1 1/4 cents higher. Trade activity remains light as funds remain on the sideline. We look for some spillover support from soybeans on the open along with a weekly export sales report that is expected to show commitments in the 35-47 million bushel range.



Soybean futures are called 3 to 4 cents higher. Overnight trade was 3 to 3 3/4 cents higher. Market activity was limited on Thursday, but overnight trade indicates some fund buying interest today. Gains are expected to be limited by bearish fundamentals such as estimates for record U.S. ending stocks and concern that bird flu will hamper soybean meal demand. Weekly export sales are expected to be in the 15-22 million bushel range.



Wheat futures are called 1 to 2 cents higher. Overnight trade was steady to 2 cents higher. Fundamentals remain supportive. Hard red winter wheat crop condition ratings remain poor in the Plains with little rain in the forecast. Also, the International Grains Council is estimating world wheat stocks at the lowest in 25 years. Weekly export sales are expected to be in the 15-22 million bushels range.



Cattle futures are called steady to mixed. Caution ahead of the Cattle on Feed report and the lack of cash trade in the south will keep futures traders on edge. The report is expected to show January placement up 12%-13% and record February 1 cattle on feed numbers. Cash trade is expected to develop around $90 in the south.



Lean hog futures are called steady to mixed. Pork cutout values continue to improve with another 63 cents added on Thursday. However, packer margins remain poor because of the higher cash market. We look for choppy trade today as the market evaluates supply and demand factors for next week.