Corn futures are steady to slightly higher Friday morning finding light support from short covering. March futures dipped to new contract lows Thursday so the market remains technically weak. The March corn futures contract is unchanged at $1.95 3/4. Lagging exports and the prospect of increasing cash corn movement are negative fundamentals.



Soybean futures are slightly lower at mid morning Friday after a firm opening failed to attract follow through support. Crushers are still having a hard time sourcing soybeans but favorable crop prospects in South America are keeping downward pressure on the market. At mid morning, March soybeans are down 1/2 cent at $5.15 1/4 while the May contract is steady at $5.14.



Wheat futures range from steady to 1 1/2 cents higher Friday morning. Shorts are taking some profits before the weekend but escalating competition in the world market and technical weakness are limiting new buying interest. Chicago March is 1 1/4 cents higher at $2.90 1/4 while KC March is 1 1/2 higher at $3.24 1/2. Minneapolis December wheat is unchanged at $3.36 1/4.

Cattle futures are higher at mid morning Friday finding support from ideas that USDA will face more pressure to back off on its Canadian import proposal with Secretary Johanns slated to testify at Senate hearings next week The Cattle Inventory report is due out this afternoon. February futures are 50 points higher at $89.75 while the April live cattle contract is 40 points higher at $88.05.



Live hog futures range from 25 to 50 points lower this morning, pressured by falling pork cutout values and expectations for a light Saturday slaughter. Technical selling is also weighing on the market. At mid morning, February lean hog futures are down 25 points at $73.95 and the April contract is 32 points lower at $75.00.