Corn futures are called 3 to 4 cents lower. Overnight trade at 6:30 am CDT was 3 to 3 3/4 cents lower. Favorable crop weather over the holiday weekend and ideas of improved crop condition ratings in the Crop Progress report this afternoon will weigh on the market. Outside markets are bearish as Dow Jones futures and crude oil were down sharply overnight while the dollar was higher.
Soybean futures are called 6 to 7 cents lower. Overnight trade at 6:30 am CDT was 5 3/4 to 7 3/4 cents lower. Outside market pressure and favorable conditions for planting progress and early season growth will pressure trade. Sharp losses are expected in the stock market this morning and crude oil futures were down sharply overnight while the dollar was higher. Strength in the dollar will make Brazilian soybeans more competitive on the global export market.
Wheat futures are called 5 to 7 cents lower. Overnight trade at 6:30 am CDT was 6 1/4 to 7 cents lower at the CBOT, 4 1/4 to 5 cents lower at the KCBT and 5 to 5 1/2 cents lower at the MGE. Strong gains in the dollar overnight and sluggish export demand will pressure prices. Exports were slow in the 2009/10 marketing year, but the new marketing year starts this morning. Some warmer temperatures are forecast for the southern Plains, which will help expand harvest. But losses are expected to be limited by short-covering and futures at or near contract lows.
Cattle futures are called steady to lower on the open. The recent decline in boxed beef prices and ideas of increasing fed cattle supplies will weigh on futures. Choice cutouts were down 80 cents on Friday and select cuts were $1.45 lower. Outside markets are also bearish as Dow Jones futures were strongly lower overnight while the dollar was higher. But losses in futures could be limited by ideas of a bump in demand as retailers restock inventory following the Memorial Day weekend.
Lean hog futures are called steady to lower. The $1.10 drop in pork cutouts on Friday and outside markets will weigh on lean hog futures trade. The dollar was strongly higher overnight while Dow Jones futures were lower. However, losses could be limited by favorable packer margins that could help stabilize the cash market this week.