Corn futures are called 2 to 3 cents higher. USDA's September 1 grain stocks of 1.971 billion bushels were neutral as they were right on pre-report estimates. Firm overnight trade and follow-through buying from yesterday should support futures on the open. However, some pre-weekend harvest pressure and cash movement on the recent rally could trim gains later in the day or push prices slightly lower.



Soybean futures are called 2 to 4 cents higher. September 1 grain stocks were pegged at 449 million bushels by the USDA, down 32 million from pre-report trade expectations. However, we would not be surprised that after some initial strength that the market turns lower. Pre-weekend harvest pressure and bearish fundamentals despite today's positive numbers could weigh on the market.



Wheat futures are called 2 to 3 cents lower. USDA estimated the wheat crop at 1.812 billion bushels, up 18 million from trade expectations. Wheat ending stocks of 1.743 billion were 32 million above pre-report trade estimates. Profit-taking on yesterday's gains following the bearish numbers this morning is expected, but technical strength and expectations for higher corn and soybean trade should limit losses.



Cattle futures are called steady to mixed as traders wait for the cash market to develop. Trade is expected to develop today at steady to firm prices from last week's $89-$90 trade. Boxed beef prices have firmed this week, but packer margins remain in the red. End of the month long liquidation could weigh lightly on the market.



Lean hog futures are called steady to mixed. Some improvement in the cash market outlook helped futures stabilize on Thursday, but buying interest remains limited. Slaughter remains very high and the total for the week could be the largest of the year so far. Cash prices are expected to be mostly steady on Friday, with some strength possible in the western markets.