Corn futures are called steady to 3 cents higher. Overnight trade at 6:45 am CT was 1/2 cent lower (July) to 3 cents higher (Dec). The market is rebounding slightly from the losses on Monday. Outside markets are providing light support as the dollar is lower this morning. But old-crop gains will be limited by increased cash grain movement to avoid problems with flooding. For new-crop, gains will be limited by planting progress hitting 94% complete nationally as of Sunday and generally favorable growing conditions are forecast through next week.
Soybean futures are called 3 to 4 cents higher. Overnight trade at 6:45 am CT was 2 1/2 to 3 3/4 cents higher. Futures are being supported by planting progress remaining below normal and outside market support. USDA pegged planting progress at 68% complete nationally, which was slightly below trade expectations. Ohio was only 26% planted versus the five-year average pace of 88%. Soybean emergence is at 44% compared to the five-year average of 61%. Weakness in the dollar overnight is also providing support.
Wheat futures are called 2 to 5 cents lower (larger losses at the MGE). Overnight trade at 6:45 am CT was 2 1/2 cents lower, KCBT was 5 cents lower and the MGE was 13 1/2 to 25 cents lower. Follow-through selling is weighing on wheat markets. Favorable rainfall in dry areas of Germany and France are weighing on the market. Wheat harvest is already 10% complete and early yields have been poor, although not unexpected. Spring wheat planting delays continue. Further spring wheat planting delays were also already expected by the market. National average spring wheat planting is 79% complete versus the five-year average of 96%.
Cattle futures are called steady to mixed. Bearish factors include lower boxed beef prices and generally larger showlists this week. Futures were hit hard on Monday. However, some short-covering could develop as packer margins remain favorable and steady to firm cash bids are expected this week.
Lean hog futures are called lower on the open. Bearish cash fundamentals will be a bearish factor for the futures market. Pork cutouts were down $2.13 on Monday and cash prices were down $1.42 on a national average. Pork cutouts values fell hard despite slow slaughter last week, indicating sluggish pork demand.
Cotton futures are trading steady to lower. Long liquidation is weighing on the July contract. However, new-crop is near steady as drought in Texas is limiting selling interest. At 6:45 am CT, July cotton was 212 points lower and December was 3 points lower.