Corn futures are called steady to mixed. Overnight trade ended 1/4 of a cent lower to 1/4 higher. Fund buying pushed prices slightly higher on Thursday and could offer support again today. However, buying interest is expected to be limited by consolidation trade and the large stocks of feedgrains.



Soybean futures are called 2 to 3 cents higher. Overnight trade was 1 3/4 to 2 3/4 cents higher. Some follow-through buying is expected from yesterday's gains. USDA is projecting a 2 million acre increase in acreage this year and another marketing year with large ending stocks, but the numbers were not as bearish as some expected.



Wheat futures are called steady to 1 cent higher. Overnight trade was steady to 1/2 of a cent higher. The market is expected to consolidate yesterday's gains. However, the cold weather expected this weekend in the Plains will remain a supportive factor due to winterkill concerns. The market trend is higher, but additional fundamental support will be needed to push prices much higher.



Cattle futures are called steady to mixed. The standoff in the cash market continues and futures are expected to be choppy until some there is some movement. Despite the improvement in cutouts, packers would need to buy cattle below $90 to have a chance of breaking even.



Lean hog futures are called steady to mixed. Cash bids have turned mixed as many packers have needs covering into next week. Pork cutouts prices have been improving. However, we will need to see further gains in the cutout to allow for a significant rally in cash and futures.