Corn futures are called 1 to 5 cents lower. Overnight trade at 6:45 am CT was 1/2 to 5 cents lower. The market is drifting lower this morning on pressure from weather in crude oil. Flooding along the Missouri River remains a bullish concern, but weather conditions in much of the Corn Belt is forecast to be favorable for crop development. After pushing to a new high last week, buying interest could be limited today.
Soybean futures are called 3 to 5 cents lower. Overnight trade at 6:45 am CT was 3 1/4 to 5 1/4 cents lower. Futures are being pressured by USDA's increased ending stocks estimates last week and ideas that weekly export inspections to be reported this morning will be bearish. Losses in crude oil are bearish, although the dollar has turned lower which is a supportive factor. USDA will update planting progress numbers this afternoon. The slow pace of planting so far this season has been supportive, although weather should benefit crop conditions for the crop in the ground.
Wheat futures are called mixed on the open. Overnight trade at 6:45 am CT was 1 1/2 to 4 cents higher at the CBOT, 1 1/4 to 1 1/2 cents lower the KCBT and 10 cents higher at the MGE. Ideas of increased feeding of SRW wheat in feed rations are supporting the CBOT and spring wheat planting delays are pushing the MGE higher. But the KCBT is lower on increasing harvest progress in the southern Plains. Yields are generally poor so far, but that has been widely expected for some time.
Cattle futures are called steady to lower. Cash trade was firm last week, but ideas are for lower trade this week. Weakness in boxed beef prices and expectations for generally larger showlists are expected to pressure futures. Choice cutouts were down $1.03 and select cuts were $2.01 lower on Friday. Concern about beef demand remains a bearish factor for cattle futures.
Lean hog futures are called steady to higher. Cash markets were firm on Friday and steady to firm bids are expected this morning. Packers are believed to be fairly short-bought. Pork cutouts have stabilized and there is talk that increased export demand will be supportive to pork prices this week.