Corn futures are called 1 to 2 cents higher. Overnight trade was 1 to 1 1/2 cents higher. With the supply/demand numbers out of the way, futures appear to be stabilizing and are finding some support from short-covering. Weekly export sales could also provide some direction. Trade estimates range from 16-24 million bushels.



Soybean futures are called steady to 1 cent higher. Overnight trade was 1 1/4 cents lower to 1/2 higher. Ending stocks this year are expected to be the largest since 1985-86. However, that has been built into the market and we look for some more short-covering on the open. Weekly export sales are expected to fall in the 11-18 million bushel range.



Wheat futures are called steady to 1 cent higher. Overnight trade was 1/4 of a cent lower to 1 cent higher. USDA supply/demand revisions were supportive yesterday, but market gains were not held. Weekly export sales projections are low at only 9-13 million bushels.



Cattle futures are called 50-100 points higher. USDA has decided to delay the import of Canadian beef over 30 months of age past the March 7 date when younger cattle imports are expected to resume. This along with firm cash trade ideas should help rally futures.



Lean hog futures are called steady to higher. Cash fundamentals remain weak, but some spillover support is expected from the cattle pit. The lack of older cow beef imports from Canada should benefit pork due to smaller meat supplies.