Corn futures are called 8 to 9 cents higher. Overnight trade was 8 to 8 1/2 cents higher. The market is expected to find support from news late on Wednesday that USDA will collect updated corn acreage data in its August crop report, which could decrease their acreage numbers. While mild weather remains favorable for much of the crop, some areas are rather dry and the late crop maturity remains a concern. The weekly export sales report will be released this morning and corn shipments need to be nearly 51 million bushels to stay on pace to reach USDA's 1.8 billion bushel export forecast.

Soybean futures are called 7 to 9 cents higher following overnight trade that ended that way. However, the weekly export sales report will be influential this morning. If old-crop sales show few cancellations, the futures market will find support. But if there are active cancellations, old-crop futures could turn lower. Sales have already moved past USDA's 1.26 billion bushels estimate. Export shipments need to average 14.6 million bushels to stay on pace to reach USDA's export forecast. New-crop gains will be limited by mild weather, although like corn, some dry areas and slow crop maturity remain concerns.

Wheat futures are called 3 to 5 cents higher. Overnight CBOT trade was 3 3/4 to 4 cents higher, KCBT was 4 1/2 to 5 cents higher and the MGE was 3 1/4 to 4 cents higher. The market is expected to bounce from recently losses on some spillover support from corn and soybeans. Fundamentals remain mostly bearish as global wheat supplies are ample and demand for U.S. wheat is sluggish. Although early in the marketing year, export shipments need to average nearly 19 million bushels to stay on pace to reach USDA's 925 million bushel forecast.

Cattle futures are called steady to mixed. Futures have turned lower the past two days and some follow-through selling could keep prices on the defensive. While boxed beef prices were higher again on Wednesday, light cash trade has developed this week at steady to $1 lower. However, positioning ahead of the USDA reports due out Friday afternoon could cause some choppy trade. A new monthly Cattle on Feed report and a semi-annual Cattle Inventory report will be released.

Lean hog futures are called steady to lower. Packer margins have improved recently, but pork cutouts moved 27 cents lower on Wednesday. While hog supplies are tightening, slaughter weights are rising due to the slow packer chain speeds and mild summer conditions. The monthly Cold Storage report was generally negative as pork belly and ham stocks in frozen storage were larger than expected.