Corn futures are called 2 to 3 cents higher. Overnight trade was 1 1/2 to 2 3/4 cents higher. Some light support should come from equities and crude oil prices stabilizing in overnight trade. Slow planting progress will also be supportive. Planting progress reported Monday afternoon was at the low end of expectations at 5% complete and is well below the 5-year average of 14%. Open weather is expected in the Corn Belt for a few days, but more rain is forecast later this week, especially in the central and western Corn Belt.



Soybean futures are called 3 to 4 cents higher. Overnight trade was 3 1/4 to 3 3/4 cents higher. The market is expected to bounce off of yesterday's sharp losses. The strong pace of soybean exports and tight old-crop stocks will provide fundamental support, especially with financial markets stabilizing overnight. Dow Jones futures and crude oil traded near steady overnight and the dollar index was a little lower.



Wheat futures are called 3 to 4 cents higher. Overnight CBOT trade was 3 3/4 to 4 1/4 cents higher and the KCBT was 3 1/4 to 4 1/4 cents higher. The market is expected to find light support from outside markets which were near unchanged overnight following Monday's weakness. The winter wheat crop remains in relatively tough shape. Good to excellent conditions improved slightly to 43% good to excellent, but poor to very poor also increased to 27% of the crop from 25% the previous week. Weather forecasts show chances of light frost again late next weekend in the Plains while the market is still trying to determine the amount of damage from the previous cold snap.



Cattle futures are called higher on the open. Expectations for higher cash trade this week and surging boxed beef prices will help the futures market rebound from yesterday's losses. Outside markets pressured prices yesterday, but they stabilized overnight. Choice cutouts were $2.24 higher and Select cuts were $2.08 higher on Monday. Seasonally improved demand and slower slaughter have been pushing beef prices strongly higher.



Lean hog futures are called steady to higher. Cash prices have been firming as packers are short-bought while numbers of market ready hogs are tightening. Outside markets should provide some light support as the dollar index was lower overnight. However, gains will be limited by poor packer margins, the 17 cent drop in pork cutouts on Monday and futures premium to the cash market.