Corn futures are called 1 to 2 cents higher. Overnight trade was 2 to 2 1/4 cents higher in the most active months. The market is expected to continue consolidating the recent price decline. Export sales could offer support with demand believed to have been strong recently. Expectations for weekly sales range from 34-59 million bushels. However, technical weakness and favorable weather across the Corn Belt this month and rain in Nebraska and Iowa will limit gains.



Soybean futures are called 1 cent higher. Overnight trade in the front months was 1 1/4 cents higher. Futures have attempted to rally from oversold conditions, but have been unable to make much progress. Generally favorable Midwest weather conditions continue to be a weight on futures. Moderate temperatures and rain in Nebraska and currently over Iowa will limit buying interest.



Wheat futures are called 1 to 2 cents higher. Overnight CBOT trade was 2 to 2 1/2 cents higher and the KCBT was 1 1/2 cents higher. Futures are expected to make a small bounce this morning on oversold conditions at the CBOT and some follow-through at the KCBT. Gains at the KCBT will be limited by rain in the Plains that will benefit winter wheat prospects. Weekly export sales are expected to be in the 11-18 million bushel range.



Cattle futures are called steady to mixed as traders wait for the cash market to develop. Asking prices remain firm, but packers may be a little nervous about paying up for cattle as boxed beef prices have stalled the past few days. Wholesale demand ahead of Labor Day is expected to slow soon. Caution is also expected ahead of tomorrow's Cattle on Feed report.



Lean hog futures are called steady to higher. Follow-through momentum from the new contract highs set in the Oct and Dec contracts is expected this morning. Cash prices have been firm this week, contradicting early ideas of weaker bids. Pork cutouts were up another 20 cents yesterday and packers are expected to continue firm bids in the western Corn Belt.