Corn futures are called steady to 1 cent lower. Overnight trade was 1/2 to 3/4 of a cent lower. We look for a small technical correction from the strong gains posted on Thursday. Futures are sitting just below technical resistance and if the market can push above those levels will open the way for further gains.



Soybean futures are called steady to mixed. Overnight trade ended 3/4 to 1 cent higher. Consolidation trade is expected on the open following yesterday's rally. Rumors of soybean meal buying from Europe sparked the rally in the soy complex. Buying interest is expected to be limited by bearish fundamentals.



Wheat futures are called mixed on the open. Overnight trade was 1 cent lower to 3/4 of a cent higher. Spillover support from soybeans and corn helped pull wheat higher on Thursday. However, buying interest is expected to be limited this morning as forecasts show chances of rain in the Plains and with the sluggish export demand. Last week's export sales were a marketing year low.



Cattle futures are called steady to lower. Light cash trade developed in the North at steady to lower prices yesterday. The cash market remains on hold in the south. Earlier in the week, an increase in the slaughter pace had been expected to boost cash prices. Beef prices have turned lower with Choice cuts down $2.25 on Thursday.



Lean hog futures are called steady to mixed. Cash bids are called steady to firm which could support the nearby. However, some profit-taking ahead of the weekend and uncertainty about the cash market next week is expected to keep futures mixed this morning.