Corn futures are called 1 to 2 cents higher. Overnight trade was 1/2 to 2 cents higher. We look for light technical buying this morning following yesterday's weakness. The market has been very choppy and stuck in a trading range, but futures are testing key support in the low $3.90s. Some positioning is likely ahead of the USDA supply/demand report on Friday morning although little change is expected. Weekly export sales are expected to be in the 28-39 million bushels.



Soybean futures are called 1 to 2 cents lower. Overnight trade was 1/2 to 2 1/4 cents lower. After hitting new contract highs on Wednesday, gains were trimmed. Light technical selling is expected on the open. While new-crop should be underpinned by ideas of a strong decrease in acreage this spring, old-crop fundamentals remain bearish due to large stocks. Weekly export sales are expected to be 17-26 million bushels.



Wheat futures are called 1 to 2 cents higher. Overnight CBOT trade was 3/4 of a cent lower at 2 cents higher and the KCBT was 1 1/4 to 1 3/4 cents higher. A late short-covering bounce helped pull some contracts higher on Wednesday. Calls for slightly higher corn trade and recent weakness that is attracting commercial buying should be supportive. The export sales report could provide the market with some direction. Pre-report estimates for weekly export sales range from 15-24 million bushels.



Cattle futures are called steady to mixed. Choppy trade is expected as market participants wait for cash trade to develop. Light profit-taking is expected after front end contracts set new highs on Wednesday. Underlying fundamental support will come from strengthening cash prices and forecasts for a continuation of the stressful weather pattern in the Plains.



Lean hog futures are called steady to mixed. With the February contract to expire soon, April futures premium to the lean hog index will limit buying interest. However, cash markets are expected to be steady to firm as marketings remain light and packers benefit from rising pork prices. Pork cutouts were up 87 cents on Wednesday and have gained nearly $3.50 in a week.