Corn futures are called 5 to 6 cents higher. Overnight trade was 4 to 6 1/4 cents higher. Spillover strength in soybeans helped pull corn prices higher overnight. However, gains will be limited by weakness in crude oil overnight and the sluggish export demand for corn. Traders will be positioning for the USDA reports due out Monday morning. USDA is expected to trim the production figure, but raise ending stocks due to decreased demand. Recent losses could limit the market impact of bearish revisions to the USDA reports.

Soybean futures are called 25 to 27 cents higher. Overnight trade was 25 1/2 to 27 1/2 cents higher in most active months. Updated weather forecasts have taken some of the much needed rainfall out of the outlook for Argentina and rains in southern Brazil are expected lighter than previously forecast. Strong export demand also continues to be a supportive fundamental factor. Traders will positioning ahead of the USDA reports due out Monday. Market expectations are for production for 2008 to be trimmed and for exports to be raised, pushing ending stocks lower.



Wheat futures are called 7 to 9 cents higher. Overnight CBOT trade was 7 1/4 to 8 cents higher and the KCBT was 9 1/4 cents higher. Spillover support from soybeans should help support the wheat market this morning. Gains will be limited by the recent sluggish pace of exports. Traders will be positioning ahead of the USDA reports due out on Monday morning. Market expectations for the reports show a decline of about 2 million acres of winter wheat this year compared to last.



Cattle futures are called steady to higher. Short-covering is expected following the big losses on Thursday. Weakness in the cash market was priced into the futures market yesterday, when trade developed at $84-$85 in the southern Plains, down $2 from the previous week. Dressed sales in the north were $133-$134, down about $4 from last week. Firm boxed beef prices on Thursday will be a supportive fundament factor.



Lean hog futures are called higher on the open. Cash markets continue to move higher and packer margins will benefit from the $2.29 jump in pork cutouts. Short-covering is expected following the losses in front end contracts yesterday. But gains may be limited by concern about the slowing economy and the negative affects that will have on pork demand and future's premium to cash.