Corn futures are called 1 to 2 cents higher. Overnight trade was 3/4 to 1 1/2 cents higher. Gains are expected to be limited today as prices consolidate the recent runup. Light support will come from slow country movement despite harvest. Weather forecasts for next week indicate that harvest activity will be slowed next week.



Soybean futures are called 1 to 2 cents higher. Overnight trade was 1/4 to 2 1/2 cents higher. Technical buying has continued to support the market despite this year's large crop and record ending stock projections. Bullish momentum has slowed as the corn and wheat market rallies have stalled. However, futures are expected to open firm on light speculative buying.



Wheat futures are called 5 to 7 cents higher. Overnight CBOT trade was 3 1/4 to 7 cents higher and the KCBT was 7 3/4 to 8 cents higher. Speculative buying is expected to support futures despite yesterday's relatively weak close. Export commitments remain disappointing, but the recent setback could help renew buying enthusiasm. Despite the recent setback, prices remain in an uptrend.



Cattle futures are called steady to mixed. The lack of cash trade and caution ahead of the Cattle on Feed report will limit buying interest. Traders are looking for steady to firm cash trade this week given the firming boxed beef market. We look for September placements and marketings to be down about 3% from last year and the feedlot inventory to be about 9% above last year's level.



Lean hog futures are called steady to lower. Bearish cash fundamentals and technical charts are expected to weigh on the market. However, losses could be limited or futures could bounce today on short-covering ahead of the weekend from oversold levels. Pork cutouts have fallen sharply this week, but did bounce 35 cents on Thursday.