Corn futures are called narrowly mixed amid position squaring. Corn futures didn't stray too far from unchanged in overnight trade, ending the session with marginal losses. A firmer tone in the U.S. dollar index following this week's sharp losses limited price action in the corn market overnight. There's little fresh news for the market to digest this morning, with basis softening slightly this week to signal farmers were more active sellers. Japan's use of corn in feed rations climbed in January from the previous month and year-ago levels.              

Soybean futures are called 1 to 2 cents higher on bullish momentum. Soybean futures saw a volatile session overnight, with a weaker start viewed as a buying opportunity. May soybeans posted a new-for-the-move high before settling midrange overnight. Traders are reacting positively to news Brazil's Congress has begun impeachment proceedings against President Dilma Rousseff, a move that puts the country's currency at risk and acreage expansion for next season into question. Basis levels softened slightly this week on an increase in farmer sales.

Wheat futures are called mixed in lackluster trade. Winter wheat favored a weaker tone overnight, ending the session mostly around 1 cent lower, with HRS favoring a firmer tone in mixed trade. Pressure on wheat futures should be limited ahead of a cold weather event that's in the forecast for the Plains this weekend. Temps aren't expected to dip low enough for long enough to do widespread crop damage. Meanwhile, a firmer tone in the U.S. dollar index limited buying in overnight trade.              

Live and feeder cattle futures are called mixed as traders wait on cash trade to begin. Following yesterday's profit-taking, cattle futures are expected to see a mixed start as traders wait on cash trade to begin. Due to smaller showlists and improved margins, traders expect higher cash cattle trade compared with the top end of last week's $138 to $139 trade. Choice beef prices firmed 72 cents yesterday, but Select declined 71 cents and movement slowed to 98 loads. Traders are also focused on evening positions ahead of this afternoon's Cattle on Feed Report, which is expected to show On Feed at  100.5%, Placements at 108.3% and Marketings at 104.7% of year-ago levels.

Lean hog futures are called mixed as traders even positions ahead of the weekend. Traders will be focused on evening positions ahead of the weekend, which raises the risk of profit-taking given the premium nearbys hold to the cash index. The cash hog market is expected to be mostly steady today, which could limit buying enthusiasm. Pork cutout values slipped 76 cents yesterday on light movement of 261.94 loads. But bulls still have momentum on their side, which is expected to temper selling to close out the week.

Cotton futures rallied Thursday morning in response to the big follow-through breakdown suffered by the U.S. dollar in the wake of Wednesday’s Fed decision not to boost domestic interest rates. However, bulls couldn’t sustain the advance the nearby May contract closed just four ticks higher on the day. The afternoon decline continued overnight, with the selling likely marking a reaction to the nearby futures’ apparent failure at 40-day moving average resistance and to overnight news that Chinese officials had trimmed their domestic cotton price from $19,100 to $18,600 yuan/tonne (130.26 cents/pound). That suggests their supply glut will ease little during the coming months. May cotton fell 0.47 cents to 57.89 cents/pound in early Friday action, while the July contract dropped 0.51 to 57.78.