Corn futures are called 4 to 5 cents higher. Overnight trade was 4 to 5 1/2 cents higher in most actively traded months. The recovery in outside markets is expected to help push crop markets higher. Dow Jones futures and crude oil were higher overnight while the dollar was lower. More rain has moved through the eastern Corn Belt, which will further slow or prevent the tail end of corn planting. Weekly export sales will be released this morning. Shipments need to be about 39 million bushels to stay on pace to reach USDA's export forecast.



Soybean futures are called 14 to 15 cents higher. Overnight trade was 14 3/4 to 15 cents higher in most active months. After the strong losses on Wednesday, the market rebounded overnight. Outside markets should be supportive as Dow Jones futures and crude oil were higher last night while the dollar was lower. Weekly export sales are expected to be supportive as any sales through the end of the crop year (August 31) will push soybean commitments ahead of USDA's 1.24 billion bushel forecast. USDA could raise their export forecast in next week's Supply/Demand report.



Wheat futures are called 9 to 10 cents higher. Overnight CBOT trade was 2 1/2 to 9 1/2 cents higher and the KCBT was 9 3/4 to 10 3/4 cents higher. Sharp losses on Wednesday were overdone and wheat futures are expected to regain some of those losses this morning. Weakness in the dollar overnight and production problems for the winter and spring wheat crops will be supportive. However, weekly export sales are expected to be bearish as sales and shipments are expected to be below the pace needed to meet USDA's export projection for the marketing year that ended May 31.



Cattle futures are called mixed on the open. Light cash trade has developed at lower levels in the North, but with ideas of weaker trade already in futures the market, a futures could be choppy this morning. Boxed beef prices continue to decline, with choice cutouts down 43 cents and select $1.06 lower. But futures are at a discount to expected cash trade and strength in the stock market should provide some support.



Lean hog futures are called steady to mixed. Front end futures have dropped sharply the past couple of sessions and may be ready for a short-covering bounce. However, cash fundamentals remain bearish as pork cutouts were down another $1.17 on Wednesday. Deferreds should find some support from higher corn trade overnight and ideas that hog herd liquidation now will limit hog supplies later in the year.