Corn futures are called steady to 1 cent higher. Overnight trade was 1/4 of a cent lower to 3/4 higher. We look for some follow-through from yesterday's late session rally that was led by fund short-covering. Producer selling has been light, but may pick up after yesterday's rally and limit gains in the near-term.



Soybean futures are called 4 to 5 cents higher. Overnight trade was 4 1/4 to 5 1/2 cents higher. Basis levels remain firm as world demand is strong and country movement remains light. However, producer selling may pick up with this move higher and improved weekend weather.



Wheat futures are called 1 to 2 cents higher. Overnight trade was 2 to 2 1/2 cents higher. Yesterday's late session fund led short-covering rally pushed prices through resistance levels and should provide some spillover support today. Prices are just below further technical resistance, which if broken could trigger further gains.



Cattle futures are called steady to slightly higher. The market closed lower yesterday, but bounced from early losses attributed to talk of packers slowing slaughter. Support should come from boxed beef prices that were $1.33 to $1.40 higher.



Lean hog futures are called steady to higher. Cash prices have firmed this week and packer margins have suffered, but cutouts were $1.09 on Thursday. The slowdown in beef slaughter should help movement of pork.