Corn futures are called 13 to 15 cents higher. Overnight trade at 6:45 am CT was 12 3/4 to 14 3/4 cents higher. The market is trading higher on concern about flooding and outside market support. More rainfall in the Missouri River Valley is expected to increase flooding problems. Strength in Dow Jones futures and crude oil and weakness in the dollar are supportive outside market factors. USDA pegged the crop at 70% good to excellent, up 1% from the previous week.
Soybean futures are called 13 to 14 cents higher. Overnight trade at 6:45 am CT was 12 1/2 to 13 3/4 cents higher. Some supportive fundamental news and outside markets are expected to help the soybean market rally. Renewed buying interest has been triggered by concerns about more flooding in the Missouri River Valley following recent rainfall. Good to excellent rated crops improved to 68% good to excellent, up one points from the previous week. However, traders were looking for an increase. Outside markets are supportive as Dow Jones futures and crude oil are trading higher overnight while the dollar index is lower.
Wheat futures are called 7 to 15 cents higher. Overnight trade at 6:45 am CT was 9 3/4 to 12 1/4 cents higher at the CBOT, 7 1/4 cents higher at the KCBT and 13 to 14 3/4 cents higher at the MGE. Fundamental support and outside markets are supporting futures trade. Strength in corn, HRW wheat production shortfalls and spring wheat prevented planting are providing support. The spring wheat crop is normally 100% planted, but is only 91% seeded as of Sunday. This implies that 1.3 million acres of intended spring wheat acreage was left unplanted. Weakness in the dollar is also a supportive factor for commodity markets.
Cattle futures are called higher on the open. Strength in boxed beef prices on Monday and ideas of $1-$2 higher cash trade this week are expected to support futures. Choice cutouts were up $1.90 and select cuts were up $1.81. Strength in Dow Jones futures overnight and weakness in the dollar indicate supportive outside markets.
Lean hog futures are called higher this morning. Pork cutouts were up 88 cents on Monday and cash trade remains steady to higher. Packers remain short-bought and with hog supplies tightening, firm cash trade is expected again today. Weakness in the dollar overnight is supportive for commodity market and hogs as it should benefit export demand.