Corn futures are called 8 to 10 cents higher. Overnight trade at 6:45 am CT was 8 3/4 to 9 1/2 cents higher. The market is being supported by commercial buying and on fund buying as the dollar index was lower again overnight. There is talk that a deal is near concerning the Greek debt situation. While weather conditions have improved in Argentina, the market seems to be finding support from crop loss ideas due to drought earlier in the growing season.
Soybean futures are called 8 to 9 cents higher. Overnight trade at 6:45 am CT was 7 3/4 to 8 1/2 cents higher. Spillover support from corn and outside markets are supporting trade. The dollar index is lower and Dow Jones futures are higher on talk of a debt restricting deal in Greece. While weather has improved in Brazil and Argentina this week, earlier weather will hamper crop yields and could push some additional export demand to the U.S.
Wheat futures are called 10 to 11 cents higher. Overnight trade at 6:45 am CT was 11 1/4 cents higher at the CBOT, 9 3/4 cents higher at the KCBT and 10 3/4 to 11 1/4 cents higher at the MGE. Weakness in the dollar index, spillover support from corn and concern about potential winterkill in parts of Europe and the former Soviet Union are supporting futures. There is talk that Russia will soon put restrictions on grains exports, which would increase demand for U.S. wheat.
Cattle futures are called higher on the open. Follow-through buying and some talk of stabilized cash markets this week will be supportive. Packers are increasing slaughter and will likely be short-bought if they do not slow slaughter this week. Packer margins remain very poor and demand for beef has been sluggish, but cattle supplies remain relatively tight even though showlists are bigger this week.
Lean hog futures are called steady to mixed. Pork cutouts were up $1.26 on Tuesday, but the cash market turned lower. Packer margins remain poor, but should be improved yesterday. Optimism for improved demand could support futures. Weakness in the dollar index and expected strength in the stock market are supportive for export and domestic demand outlooks.
Cotton futures are trading higher this morning. Outside markets are providing support as the U.S. dollar index is lower and Dow Jones futures are higher. Outside markets are being influenced by talk that a debt restricting deal in Greece is near. At 6:45 am CT, March was 49 points higher and July was 57 points higher.