Corn futures are expected to open 3 to 4 cents lower Friday morning. December corn was down 3 1/4 cents in the overnight session at $3.41 1/2. Profit taking following the Thursday's surge to new 10-year highs is expected to weigh on futures in early trading. However, we would not be surprised if the market quickly rebounds from early weakness with plenty of anxious buyers still on the sidelines.

Soybean futures are called 2 to 4 cents lower on the open Friday. January was down 4 1/2 cents in overnight electronic trading at $6.56 3/4. After surging to new contract highs Thursday, the market closed on the low end of the daily range. The relatively weak close attracted follow through technical selling in night session that is likely to carry through on the opening. However, early weakness will probably find solid buying interest.

Wheat futures are expected to open a couple cents lower. Chicago December was down 2 1/2 cents at $4.89 in overnight trading and Kansas City December was 2 1/4 cents lower at $5.21 3/4. The wheat market is now the laggard in the grain and soybean complex with speculative money flowing into corn and soybeans. Favorable winter wheat crop conditions are the dominant negative fundamental factor.

Cattle futures are called steady to 20 points higher with the prospect for a weaker opening in corn likely to attract light short covering on the open. Even so, the market performance this week has been technically quite negative and futures may dip to the downside, particularly if corn turns higher. Cash cattle traded actively at $89 to $89.50 Thursday, down a dollar from last week.

Lean hog futures are called 10 to 25 points higher Friday morning with early ideas favoring firm to higher cash prices. Pork cutout values jumped $1.33 Thursday afternoon to lend fundamental support. Futures swung in a wide range Thursday leaving plenty of room on the charts before the market will be forced to make a decisive commitment in either direction.