Corn futures are called mixed on the open. Overnight trade was 1 1/4 cents lower to 2 1/4 cents higher. Some consolidation trade is expected this morning with futures near contract highs. Profit-taking pressured prices yesterday after speculative buying supported prices early in the session. Weekly export sales will be released this morning and trade expectations range from 35-47 million bushels.



Soybean futures are called 4 to 5 cents higher. Overnight trade was 3 3/4 to 5 cents higher. The corn to soybean ratio tipped further in favor of corn yesterday, so traders are expected to try to correct some of that this morning. When speculative buying slowed on Wednesday, prices quickly retreated as fundamentals remain bearish. The weekly export sales report is expected to be in the 20-33 million bushel range.



Wheat futures are called steady to mixed. The wheat market has been following corn and there is no clear direction there this morning. U.S. wheat export sales remain disappointing and it may take lower prices to spur more business. Expectations for the weekly export sales report only range from 9-22 million bushels.



Cattle futures are called steady to mixed. Cash trade developed in the North yesterday at around $85, generally steady with last week. Cash trade in the southern Plains could develop today around $86. Beef demand is expected to improve after Thanksgiving, although some traders may be discouraged by boxed beef prices falling 68 to 89 cents lower on Wednesday. Some positioning is expected ahead of the Cattle on Feed report due out Friday afternoon.



Lean hog futures are called steady to higher. Short-covering from recent losses and expectations for cash bids to stabilize after recent weakness should offer support. Packer margins have improved this week given the drop in cash prices and yesterday's 49 cent jump in pork cutouts.