Corn futures are called 1 to 2 cents lower. Overnight trade at 6:45 am CT was 1 1/4 to 2 cents lower. Light profit-taking from the gains on Friday are weighing lightly on the market. Losses should be limited by weakness in the dollar and continued concern about the crop in Argentina. Hot and dry weather during pollination is threatening production potential.
Soybean futures are called 3 to 4 cents lower. Overnight trade at 6:45 am CT was 3 to 3 1/2 cents lower. The market is being pressured lightly following the strong gains posted on Friday. However, market fundamentals remain bullish. Export demand remains strong and soybean crop production estimates in Argentina are declining due to recent hot and dry weather. Strength in crude oil trade and weakness in the dollar overnight will also be supportive.
Wheat futures are called 8 to 10 cents higher. Overnight trade at 6:45 am CT was 7 3/4 to 8 1/2 cents higher at the CBOT, 9 3/4 to 10 cents higher at the KCBT and 7 1/2 cents higher the MGE. The market is following gains in European wheat futures amid flooding in Australia that is driving concerns about global wheat production. Weakness in the dollar is also supportive factor overnight.
Cattle futures are called steady to higher. Ideas of firm cash trade again this week and speculative buying are expected to support futures trade. Packers are short-bought and will need cattle to fill slaughter needs. But poor margins for packers and technically overbought conditions for futures could limit gains in the cash market and futures trade today.
Lean hog futures are called steady to mixed. Cash markets are expected to be steady to slightly lower. Marketings are expected to be large enough to meet slaughter needs, although market ready numbers are expected to tighten this month. The premium of futures and profit-taking are bearish factors, but weakness in the dollar overnight is a supportive factor.
Cotton futures are trading slightly higher this morning. Fundamentals for cotton remain bullish. Strong demand is expected to push ending stocks to a very low level. Weakness in the dollar overnight is also a bullish factor for U.S. exports. Overnight trade at 6:45 am CT was 9 points higher at 144.90 and May was 15 points higher at 137.76 cents.