Corn futures are called 2 to 7 cents higher. Overnight trade at 6:45 am CT was 6 3/4 cents higher (old-crop July) to 2 cents higher (new-crop December). The market is higher again overnight on continued planting delay concerns in the eastern Corn Belt and northern Plains. Corn acreage projections are being trimmed due to the planting delays and flooding in the South. Strength in the cash market has helped old-crop lead the gains. Weakness in the dollar overnight is also supportive for corn futures.
Soybean futures are called 3 to 4 cents higher. Overnight trade at 6:45 am CT was 3 3/4 to 4 1/4 cents higher. Spillover support from corn and wheat and weakness in the dollar have helped soybeans rally again overnight. Delayed planting progress in the eastern Corn Belt and northern Plains could trim yield prospects. However, gains will be limited by ideas that some acreage intended for corn could be switched to soybeans. Also, the Weekly Export Sales report to be released this morning is expected to show very slow sales and shipments.
Wheat futures are called 10 to 20 cents higher. Overnight trade at 6:45 am CT was 10 1/4 to 14 1/4 cents higher at the CBOT, 13 1/4 to 15 1/2 cents higher at the KCBT and 18 to 18 3/4 cents higher at the MGE. Deteriorating winter wheat condition ratings, slow spring wheat planting progress and concern about global wheat production are supporting the market again overnight following the sharp gains on Wednesday. Dry weather continues to lower yield potential in France, the Ukraine and parts of Russia. Additional support will come from weakness in the dollar. However, the Weekly Export Sales report could be bearish as shipments are likely to fall short of the pace needed to reach USDA’s export forecast.
Cattle futures are called steady to mixed. Futures have remains mostly under pressure and there is little news that will turn futures much higher today. Choice cutouts were 96 cents lower on Wednesday. Cash trade this week was weak. Dressed prices in Nebraska were down $8-$9 compared to the prior week and live trade in the southern Plains at $108 is down $4. However short-covering and positioning ahead of the Cattle on Feed report due out on Friday could lead to some choppy futures trade.
Lean hog futures are called mixed on the open. Cash markets were mixed on Wednesday as some packers are completing purchases for the week. Pork cutouts were up 57 cents, but there is concern that pork cutout prices will be sluggish as wholesalers finish buying for Memorial weekend features. Some follow-through selling is expected following the heavy speculative selling and long liquidation in front end contracts on Wednesday.
Cotton futures are trading lower this morning. Profit-taking from the recent gains are weighing on futures this morning. At 6:30 am CT, July was 290 points lower and December was 313 points lower.