Corn futures are called 5 to 10 cents higher. Overnight trade at 6:45 am CT was 4 3/4 to 10 cents higher. The market is being supported by planting delay concerns. While good progress has been made in much of the central and western Corn Belt, planting delays continue in the eastern Corn Belt and northern Plains. USDA will update its planting progress number in the Crop Progress report this afternoon. Gains are being limited by the dollar turning higher overnight and weakness in crude oil, gold and Dow Jones futures.
Soybean futures are called 2 to 3 cents higher. Overnight trade at 6:45 am CT was 2 1/2 to 3 cents higher. The market is higher on spillover strength in corn and wheat and expectations for USDA to report a slower than normal planting pace in the Crop Progress report this afternoon. But gains will be limited by outside markets as crude oil, gold and Dow Jones futures are lower overnight while the dollar is higher.
Wheat futures are called 8 to 10 cents higher. Overnight trade at 6:45 am CT was 7 1/2 to 9 1/2 cents higher at the CBOT, 7 3/4 to 8 3/4 cents higher at the KCBT and 12 cents higher at the MGE. Weather problems are expected to provide support to the market. Mostly dry forecasts in the southern Plains will likely keeping downward pressure on winter wheat crop condition ratings. Meanwhile, wet weather in the northern Plains will further delay spring wheat planting progress. Gains will likely be limited by outside markets with the dollar turning higher and crude oil, gold and Dow Jones futures turning lower overnight.
Cattle futures are called steady to mixed. Cash trade has been working lower in recent weeks and beef prices have been declining. But boxed beef prices were slightly higher on Friday and there is hope that demand will improve seasonally and as we head towards Memorial Day. Packers will need cattle this week, but showlists are expected to be larger. Look for choppy trade to start out the week.
Lean hog futures are called steady to higher. Pork cutouts were firm on Friday and cutout values were up nearly $2 last week. Cash markets were mostly higher last week and gained over $1 on Friday on a national basis. But outside markets and fund long liquidation could limit gains. The dollar turned higher overnight and weakness in Dow Jones futures indicates that the stock market could open lower.
Cotton futures are trading steady to higher. Spread trade is supporting the old-crop July contract on ideas that a major cotton merchant would decertify some cotton and deliver it against the board. Overnight trade at 6:45 am CT was 151 points higher in the July contract and 2 points higher in December.