Corn futures are called mixed this morning. Overnight trade at 6:45 am CT was 5 cents lower in the old-crop July contract while new-crop December was 1/2 of a cent higher. New-crop months were higher overnight amid planting delays and outside market support. Corn planting progress as of May 22 is 79%. This compares to 63% a week ago, 92% last year and 88% for the ten year average. 2011 corn planting now ranks as the seventh slowest for the date in the last 26 years. Crude oil and gold were higher overnight, while the dollar index was lower. However, the nearby July contract was lower again overnight on the unwinding of bull spreads.
Soybean futures are called 7 to 10 cents higher. Overnight trade at 6:45 am CT was 7 1/4 to 10 cents higher. The market is being supported by planting delays and the rebound in crude oil and gold overnight while the dollar has setback. USDA reported soybean planting advanced by 19 points to 41% complete. Last year progress was at 51%. The ten-year average is at 53%. More rain in the eastern Corn Belt and northern Plains this week will further delay planting, although forecast look drier next week.
Wheat futures are called 3 to 5 cents lower. Overnight trade at 6:45 am CT was lower in the July contracts. The CBOT was 3 3/4 to 5 cents lower, KCBT was 3 cents lower and the MGE was 4 3/4 cents lower. Despite some more bullish fundamental news, futures were lower overnight. The market was anticipating the results from the Crop Progress report. Good to excellent winter wheat ratings were unchanged at 32%, well below last year at 66% and from the ten-year average at 47%. USDA reported spring wheat seeding finally advanced past the half way mark to 54% complete nationally, well below the 89% seeded last year and the ten-year average of 88%.
Cattle futures are called steady to lower. Follow-through selling from the big losses on Monday is expected to weigh on the market. Negative technical momentum and ideas of lower cash trade this week are expected to weigh on futures. However, losses are expected to be limited by the rebound in boxed beef prices. Choice cutouts were $2.06 higher on Monday.
Lean hog futures are called lower on the open. The market was strongly lower on Monday and follow-through selling is expected this morning. Pork cutouts were down $2.06 on Monday and cash markets were down on average nearly $3. Poor packer margins are expected to keep cash prices on the defensive today as demand is sluggish from wholesalers as Memorial weekend purchases have been completed.
Cotton futures are strongly higher this morning. After closing lower yesterday on the broad-based commodity sell-off, futures have rebound overnight. Strength in Dow Jones futures, crude oil and gold overnight and weakness in the dollar are supportive for commodity markets. At 6:40 am CT, July cotton was 281 points higher and December was 224 points higher.