Corn futures are called steady to mixed. Overnight trade was steady to 1/2 of a cent higher. We look for some consolidation trade after speculative selling pushed prices to seven-week lows yesterday. We look for prices to hold in a range ahead of the Prospective Planting report, but generally bearish fundamentals and broken support could lead to further weakness.



Soybean futures are called 1 to 2 cents higher. Overnight trade was 1 1/2 to 2 cents higher. Technical buying is expected to help prices bounce this morning following recent weakness. However, buying interest will likely be limited due to the bearish fundamentals. China remains a strong customer of U.S. soybeans, but that is expected to fade soon as business shifts to South American supplies.



Wheat futures are called 2 to 3 cents higher. Overnight trade was 1/2 to 3 1/2 cents higher. Rain is still expected in the central Plains this weekend and export demand is rather sluggish. However, we look for a small technical bounce this morning. While the precipitation in the Plains may slow deteriorating conditions, the NWS is forecasting dry conditions in the Plains through June.



Cattle futures are called steady to mixed. The reversal from contract lows on Wednesday and technically oversold conditions are expected to limit losses, but bearish fundamentals will limit gains. Cash trade as been slow this week, but steady to $1 lower trade is expected today. Beef prices continue to slide with boxed beef cutouts down $0.75 to $1.28 on Thursday.



Lean hog futures are called steady to mixed. Cash fundamentals remain bearish. Cash bids are expected to be steady to lower and pork cutouts were 73 cents lower on Thursday. However, short-covering ahead of the weekend should help limit losses and could push prices higher.