Corn futures are called 6 to 7 cents higher. Overnight trade at 6:45 am CT was 6 1/2 to 7 cents higher. The market traded higher overnight on short-covering and as some traders begin to even positions ahead of the Acreage and quarterly Stocks report due out Thursday, June 30. Weekly crop condition ratings fell to 68% good to excellent, down 2 points from the previous week.
Soybean futures are called 10 to 11 cents higher. Overnight trade at 6:45 am CT was 10 1/4 to 11 1/4 cents higher. The soybean market was able to rally on Monday despite losses in other commodities and the strength continued overnight. Crop condition ratings fell to 65% good to excellent, down 3 points from the previous week. Traders are beginning to even positions ahead of the Acreage and Stocks report due out on Thursday. However, gains are expected to limited by strength in the dollar and concern about sluggish demand.
Wheat futures are called 10 to 13 cents higher. Overnight trade at 6:45 am CT was 9 3/4 to 11 1/4 cents higher at the CBOT, 10 3/4 to 11 1/2 cents higher at the KCBT and 13 1/2 to 14 1/4 cents higher at the MGE. After the recent weakness, short-covering developed overnight to push prices higher. Positioning ahead of the June 30 Stocks report and spillover strength from corn and soybeans are expected to provide support. However, gains could be limited by strength in the dollar. Export demand remains a concern and a higher dollar will hurt the competitiveness of U.S. wheat on the global market.
Cattle futures are called steady to lower. Follow-through selling and uncertainty about the cash market are expected to weigh on futures. Boxed beef prices were mixed as wholesale has slowed this week as retailers have already made July Fourth needs. Showlists are mostly larger this week.
Lean hog futures are called steady to higher. Cash trade was lower on Monday, but the $1.68 jump in pork cutouts to a new record level should help futures rebound from losses posted on Monday. Cash trade is expected to be steady with any strength limited by poor margins.