Corn futures are called steady to 1 cent higher. Overnight trade was unchanged to 1/2 of a cent higher. Spillover support from soybeans and slow early planting progress should help futures trade slightly higher. Corn was 2% planted as of Sunday compared to the 5-year average of 6%. Forecasts call for more rain in the southern and eastern Corn Belt, which could further delay planting progress and spring fieldwork. Strength in crude oil overnight will also provide some support.



Soybean futures are called 8 to 10 cents higher following overnight trade that was up that much. Tight old-crop stocks and strong export demand from China remain supportive factors. New-crop has been pulled higher and actually gained on old-crop slightly overnight despite some ideas that corn planting delays could eventually lead to more soybean acres. Strength in crude oil and Malaysian palm oil overnight will be supportive for soybean oil and the soy complex.



Wheat futures are called steady to 1 cent higher. Overnight CBOT trade was 3/4 to 1 cent higher and the KCBT was 1/4 of a cent higher. Strength in soybeans and the slight decline in crop condition ratings could provide some light support early. Good to excellent crop ratings fell to 42%, down 1% from the previous week. However, gains will be limited and futures could turn lower on forecasts for good rainfall in the central and southern Plains. In addition, strength in the dollar index overnight will make U.S. wheat less competitive on the export market.



Cattle futures are called higher this morning. Improving boxed beef prices, optimism for higher cash trade this week and technical buying will be supportive factors. Boxed beef prices were $1.41 to $1.99 higher on Monday and retail demand is expected to improve seasonally. Showlists this week are generally smaller, which should help feedlots get higher packer bids this week than the $86 last week.



Lean hog futures are called steady to higher. As packers return to normal slaughter schedules, cash prices should be steady to firm as several plants are in need of hogs. Packer margins have improved recently and pork cutouts were 51 cents higher on Monday. The better-than-expected pork export figure from February and expected strength in the stock market this morning will also be bullish factors.