Corn futures are called 2 to 4 cents lower. Overnight trade at 6:45 am CT was 1 3/4 to 4 1/4 cents lower. Further spillover pressure from wheat is weighing on the corn market. Corn futures had rallied early in the overnight session due to slower than expected planting progress. USDA pegged progress at 86% complete compare the five-year average of 95%. However, prices turned lower as warmer and drier weather in the eastern Corn Belt this week should help the tail end of corn planting. Corn emergence is only 66% compared to the five-year average of 78%.
Soybean futures are called 1 to 2 cents lower. Overnight trade at 6:45 am CT was 1 1/4 to 2 1/4 cents lower. The market is being pulled slightly lower by losses in wheat and lower corn trade. The soybean market remains in its trading range. Slow planting progress and emergence supported futures early in the overnight session. USDA estimated the crop at 51% planted versus the five-year average of 71% and emergence at 27% compared to the average of 39%.
Wheat futures are called mixed this morning. Overnight trade at 6:45 am CT was 10 1/2 to 11 1/4 cents lower at the CBOT, 5 1/4 to 5 1/2 cents lower at the KCBT while the MGE was 7 cents higher. Solid losses are being posted in winter wheat contracts with the continued talk that Russia would be lifting its grain export ban on July 1. However, the MGE has turned higher in overnight trade due to continues spring wheat planting delays. USDA reported the crop at only 68% planted compared to the five-year average of 95%. Spring wheat emergence at 40% is less than half of the normal 81% for this date.
Cattle futures are called steady to mixed. Futures are expected to be choppy as traders wait to see how the cash market develops. Strong packer margins and the need to fill full slaughter schedules next week are expected to help the cash market trade $1-$2 higher this week. Early reports on weekend beef clearance were strong and warmer weather is expected to help retail beef demand. Boxed beef prices were higher on Tuesday.
Lean hog futures are called steady to mixed. Short-covering helped rally the futures market on Tuesday and could provide some support again today. However, choppy trade is expected today as pork cutouts were down slightly on Tuesday. Packer margins remain poor and cash trade is likely to be steady to lower again today. Packers are likely to lower bids to help margins until pork prices can move higher.
Cotton futures are trading steady to higher this morning. Old-crop is leading the gains although the main bullish factor is the continued drought in Texas. USDA reported the crop at 73% planted versus the five-year average of 76%. At 6:30 am CT, July cotton was 133 points higher and December was 5 points higher.