Corn futures are called 1 cent higher. Overnight trade was 1/4 to 1 1/4 cents higher. Some follow-through is expected on the open from yesterday's fund led rally. Demand remains strong and cash basis levels have firmed. Weekly export sales are expected to be in the 43-55 million bushel range. However, rally attempts are expected to be limited by anticipation of seasonal weakness at harvest.



Soybean futures are called 1 cent higher. Overnight trade was 3/4 to 1 cent higher. Futures have made a small short-covering bounce from technically oversold conditions. However, the market remains in a downtrend and ideas of increased production due to the favorable August weather will limit rally attempts. Weekly export sales are expected to be in the 13-18 million bushel range.



Wheat futures are called mixed this morning. Overnight CBOT trade was 3/4 of a cent lower to 1 cent higher and the KCBT was 1 1/4 cents lower to 3 1/4 cents higher. We look for some consolidation of yesterday's sharp gains. Support yesterday came from India and Iraq tendering for wheat, which will further tighten global wheat stocks. Traders will be watching weekly export sales to see if U.S. business is improving from the recent sluggish pace. Pre-report estimates range from 11-18 million bushels.



Cattle futures are called mixed on the open. Several contracts have hit new contract highs this week, but some choppy trade is expected today as traders wait for cash business to develop. The market is looking for firm trade again from the mostly $88 trade last week, but business may not develop until Friday. The market is technically overbought following recent gains.



Lean hog futures are called lower this morning. Profit-taking from yesterday's jump and the recent rally is expected. Cash trade is expected to be mostly steady with most plants having adequate supplies for the week. Pork cutouts were down $2.18 on Wednesday. Losses will be limited by the strong uptrend and futures discount to the lean hog index.