Corn futures are called steady to 1 cent lower. Overnight trade was 1/4 to 1 cent lower. We look for some consolidation ahead of the extended weekend after the recent rally pushed the December contract to the highest level since before the August crop report. Funds have turned to buyers again and demand for corn remains strong. However, some expected seasonal weakness as we move into harvest will limit buying interest.



Soybean futures are called steady to 1 cent higher. Overnight trade was 1/4 to 1 1/4 cents higher. Some light buying interest is expected on the open following yesterday's late speculative led rebound. Demand for soybeans remains strong as China remains a good customer. However, bearish fundamentals and rising production estimates will continue to limit rally attempts.



Wheat futures are called 1 to 3 cents lower. Overnight CBOT trade was 1/2 to 3 1/2 cents lower and the KCBT was 1 1/2 to 2 3/4 cents lower in the most active months. The market is expected to open lower on light profit-taking from recent gains ahead of the holiday weekend. Futures have rallied above technical resistance and the outlook into fall has turned more positive. However, stronger export demand will likely be needed to push prices much higher than current levels.



Cattle futures are called steady to firm. Some higher cash bids yesterday afternoon helped futures rebound late in the session. Expectations for cash trade to develop around $90 today will be supportive. Futures seem to be losing some steam after climbing to new highs in several contracts this week. Beef clearance over the Labor Day weekend will be watched for direction next week.



Lean hog futures are called steady to mixed. Cash bids are expected to be mostly steady as some packers need hogs to fill slaughter needs ahead of Labor Day. The market was able to recover from early losses on Thursday, but rally attempts are expected to be limited by declining pork cutout values and ideas that hog supplies will grow in the upcoming weeks.