Corn futures are called 1 to 2 cents higher. Overnight trade was 3/4 to 2 cents higher. Light technical buying is expected following the losses yesterday. The market has been choppy recently as any dips in the market are being quickly met with some end user buying. Speculative buying and the bullish longer-term outlook are also helping to limit losses.



Soybean futures are called 2 to 3 cents higher. Overnight trade was 1 1/4 to 3 1/4 cents higher. Strong demand and expectations for firm corn trade this morning will provide some support. However, bearish supply fundamentals will limit gains. The corn to soybean ratio still favors corn, so the market has some work to do to prevent losing too many acres to corn next spring.



Wheat futures are called 1 to 2 cents higher. Overnight CBOT trade was 3/4 cent lower to 1 1/4 cents higher and the KCBT is 1 1/4 to 1 1/2 cents higher. Spillover support is expected from corn this morning. However, the speculative crowd seems eager to take profits on any rallies. Demand for U.S. wheat remains sluggish, but should pick up the second half of the marketing year. Concern about warm and dry weather forecasts for the southern Plains will provide some underlying support.



Cattle futures are called steady to mixed. Cash trade appears to be done for the week and prices were steady to firm with last week. With that out of the way, traders will be evening positions ahead of the Cattle on Feed report due out this afternoon.



Lean hog futures are called lower on the open. Profit-taking from yesterday's rally is expected given the bearish cash fundamentals. Packer demand is expected to remain soft today as demand for pork remains sluggish. Pork cutouts fell $1.44 on Thursday as pork demand is slow ahead of Thanksgiving.