Corn futures are called steady to mixed. Overnight trade was steady to 1/2 of a cent higher. Funds remain heavily short, but there is little reason for them to cover those positions. Fundamentals remain bearish with big stocks and sluggish export demand, but firm Gulf basis could provide some light support.



Soybean futures are called steady to 1 cent lower. Overnight trade was 1/2 to 1 1/4 cents lower. Futures have rebounded lightly from oversold conditions and it looks like buying interest will be limited on the open. However, the nearby's should find some support from firm Gulf basis levels that have been supported by disrupted barge traffic.



Wheat futures are called steady to 1 cent higher. Overnight trade was 1 to 1 1/4 cents higher. We look for prices to bounce back a little from yesterday's losses. Competition for global demand remains firm and the EU announced plans to subsidize wheat, but export activity has picked up recently.



Cattle futures are called steady to mixed as traders wait for the cash market to develop. Cattle owners had been look for steady to firm trade this week, but packers have become concerned that beef prices have topped. Boxed beef prices were $1.24-$1.27 lower on Thursday.



Lean hog futures are called steady to higher. We look for futures to rebound some from yesterday's sharp decline. Cash markets look steady to firm as pork cutouts were able to gain 68 cents yesterday.