Corn futures are called 3 to 7 cents higher. Overnight trade at 6:45 am CT was 2 3/4 to 7 1/4 cents higher. Planting progress as of May 8 was much higher than expected at 40% complete. Expectations were for planting to be about 30% complete. Corn planting progress increased by 27 points from a week ago, which is above the normal 20-point increase. However, planting is still below the ten-year average of 63% and is the third slowest planting pace in the last 26 years. Outside market were mixed overnight. Gold was higher overnight, but crude oil was lower.
Soybean futures are called 8 to 10 cents higher. Overnight trade at 6:45 am CT was 8 1/4 to 10 3/4 cents higher. The market is rebounding some from the losses last week. Fund buying has returned to the market, although outside markets were mixed overnight. Strength in gold is a supportive factor, but crude oil was trading lower. USDA reported its first soybean planting update at 7% complete. The delays in planting other crops, mainly corn, have slowed the soybean planting progress. Last year progress was at 28%. The ten-year average is at 19%.
Wheat futures are called 15 to 20 cents higher. Overnight trade at 6:45 am CT was 16 3/4 to 18 1/2 cents higher at the CBOT, 16 1/2 cents higher at the KCBT and 16 1/4 cents higher at the MGE. Deteriorating winter wheat conditions and slow spring wheat planting progress are supporting futures. The winter wheat condition rating declined one point last week to 33% good to excellent. That is the lowest rating for the week since 1996 when it was at 27%. The rating is well off of last year at 66% and from the ten-year average at 49%. The wheat crop in the central and southern Plains remains in quite bad shape. USDA reported spring wheat seeding at only 22% complete nationally. This is amongst the slowest ever. Last year seedings were at 65%. The ten-year average is at 61%.
Cattle futures are called steady to mixed. Some stability in boxed beef prices on Monday and some short-covering from recent losses should provide some support this morning. However, gains will be limited and some contracts could be pressured by generally larger showlists for this week and continued concern about domestic beef demand.
Lean hog futures are called steady to mixed. Pork cutouts were up 47 cents on Monday and national average cash prices were up slightly. However, packer margins remain poor and steady to mixed cash prices are expected today. However, losses in futures are expected to be limited by the outlook for tightening hog supplies that should help support the cash market again in pork prices can move higher.
Cotton futures are trading higher this morning. The market is consolidating the losses from last week. Traders are evening positions ahead of the USDA’s Supply/Demand report due out Wednesday morning. At 6:30 am CT, July is 112 points higher and December was 72 points higher.