Corn futures are called steady to 1 cent lower. Overnight trade was 1/4 to 1 1/4 cents lower. Market activity is expected to remain limited and we could consolidation trade is expected. However, recent weakness opens the door for a test of contract lows. Rally attempts have been limited by the upcoming harvest and expectations for a large crop this year. On the other hand, underlying support continues to come from strong demand for corn.



Soybean futures are called 1 to 2 cents higher. Overnight trade was 1/4 of a cent lower to 3 cents higher. Some follow-through buying is expected this morning following yesterday's short-covering gains. Cash basis levels have firmed in many areas as farmer selling remains light and harvest activity limited. Export demand has picked up recently and will provide some support although fundamentals remain generally bearish.



Wheat futures are called steady to mixed. Overnight CBOT trade was 1/4 to 2 cents higher and the KCBT was 1/4 of a cent lower. The market is expected to consolidate recent losses with short-covering offering some support. However, sluggish export demand and bearish momentum will limit gains despite bullish supply and demand fundamentals.



Cattle futures are called steady to mixed. Profit-taking on recent losses is expected ahead of the weekend. Some cash trade developed in the north at $138 dressed, down $3-$4 from last week. Cash trade is expected to be $1-$2 lower in south. Declining boxed beef prices will continue to be a negative factor following losses of $1.29 to $1.36 on Thursday.



Lean hog futures are called steady to mixed. Cash fundamentals remain negative, but some profit-taking from recent losses are expected today. Pork cutouts were down another 96 cents on Thursday and cash markets are called lower. Considering the large slaughter this week and huge amount of pork, wholesale prices have held up relatively well.