Corn futures are called 7 to 13 cents higher, led by the nearby July contract. Overnight trade at 6:45 am CT was 7 1/2 to 13 1/2 cents higher. After the sharp sell-off the past two weeks, it appears that fund selling has slowed for now. News that Greece will likely receive a bailout package from the EU pressured the dollar index, which is supportive for commodities. Uncertainty about the summer growing season and also about acreage ahead of the June 30 Acreage report should also help prompt some short-covering ahead of the weekend.
Soybean futures are called 6 to 7 cents higher. Overnight trade at 6:45 am CT was 5 3/4 to 7 cents higher. The market is recovering from recent weakness. Commodity markets are being supported by weakness in the dollar following news that Greece will likely receive a bailout package from the EU. News that China believes they have succeeded in slowing inflation was supportive as this could help export demand. Uncertainty about summer crop weather and acreage will remain underlying supportive factors for now.
Wheat futures are called 7 to 10 cents higher. Overnight trade at 6:45 am CT was 8 to 9 3/4 cents higher at the CBOT, 6 3/4 to 9 cents higher at the KCBT and 6 1/2 to 7 1/2 cents higher at the MGE. Weakness in the dollar index and spillover support from corn are supporting the market. Short-covering ahead of the weekend is expected following the recent sharp decline. News of improved crop prospects globally is being countered by the smaller HRW crop in the U.S. and significant spring wheat acreage not being able to be seeded in the northern Plains and Canada.
Cattle futures are called steady to higher on the open. Follow-through buying and steady to firm cash trade so far this week will be supportive. Cash trade has developed in Nebraska at mostly $179 dressed, up $1 from last week. Boxed beef prices continue to move higher and packer margins remain favorable.
Lean hog futures are called higher this morning. Pork cutouts were up $2.36 on Thursday, hitting a new record high. Cash prices were strong as well, gaining $1.61 on a national average. However, gains could be limited by concern about the still poor packer margins and on positioning ahead of the quarterly Hogs and Pigs report due out after the close this afternoon.