Corn futures are called steady to 1 cent higher. Overnight trade at 6:45 am CT was 1/4 to 1 cent higher. The market is extending the rally from Wednesday slightly on Thursday morning. Commercial buying and strength in the cash market helped old-crop lead futures higher. Further weakness in the dollar index is a supportive factor. New-crop will also find some support from late planting progress in the eastern Corn Belt and northern Plains, although warmer and drier weather should help planting progress this week in the eastern Corn Belt.

 

Soybean futures are called 4 to 6 cents higher. Overnight trade at 6:45 am CT was 4 to 5 3/4 cents higher. The market has rallied to the high end of its recent trading range. Commercial buying and outside markets are supporting futures. The dollar index is trading solidly lower again overnight. The slow pace of soybean planting is supportive for new-crop although forecasts indicate improved weather for soybean planting progress over the next 6-10 days.

 

Wheat futures are called 7 to 10 cents higher. Overnight trade at 6:45 am CT was 8 3/4 to 9 cents higher at the CBOT, 7 to 9 cents higher at the KCBT and 5 1/4 to 16 1/2 cents higher at the MGE. The market is making a recovery bounce in overnight markets. Futures have been pressured by the reports this week that Russia will lift their grain export ban on July 1. Weakness in the dollar, poor HRW wheat prospects and spring wheat planting delays will be supportive factors. Spring wheat planting and emergence are well below normal and there is concern that acreage and yields will be lowered.

 

Cattle futures are called steady to higher. Futures traded strongly lower on Wednesday as traders were disappointed that cash trade developed at steady money with last week rather than $1-$2 higher as had been expected. Trade was mostly $104 live and $170 dressed. Gains may be limited, but short-covering from recent losses and favorable packer margins will be supportive. Choice cutouts were 78 cents higher on Wednesday.

 

Lean hog futures are called steady to lower. Packer margins are poor and have been hit again with the $1.70 decline in pork cutout values on Wednesday. Signs so far this week of Memorial weekend pork sales are not good as pork cutouts have declined. Cash hog prices are called steady to lower again today as most plants have needs covered for the week.

 

Cotton futures are trading steady to lower this morning. Profit-taking from the four-week highs set on Wednesday is weighing on futures. However, drought in Texas remains a bullish factor and forecasts remain hot and dry through the end of the week. At 6:30 am CT, July cotton was unchanged and December was 101 points lower.