Corn futures are called 4 to 5 cents lower. Overnight trade at 6:30 am CDT was 4 1/2 to 5 cents lower. Outside markets are expected to weigh on corn futures. After recent losses in the stock market, Dow Jones futures were sharply lower again overnight. Big losses in crude oil and a strong rally in the dollar were noted overnight. USDA pegged planting progress at 93% complete and crop condition ratings improved to 71% good to excellent, up from 67% the previous week.
Soybean futures are called 10 to 12 cents lower. Overnight trade at 6:30 am CDT was 10 1/2 to 12 1/4 cents lower. Commodity markets were under pressure overnight by the expected sharp losses in the stock market. Dow Jones futures were sharply lower overnight as was crude oil while the dollar index rallied strongly. USDA reported planting progress on Monday afternoon at 53%, which is 4% below the five-year average. However, warmer and drier weather this week should help planting make good progress.
Wheat futures are called 4 to 5 cents higher. Overnight trade at 6:30 am CDT was 5 to 5 1/2 cents lower at the CBOT, 4 3/4 to 5 1/2 cents lower at the KCBT and 3 1/4 to 5 cents lower at the MGE. The sharp rally in the dollar and financial problems globally will weigh on wheat futures. Export demand is already sluggish and strength in the dollar will make U.S. wheat even less competitive on the global market. Spring wheat planting progress is running right on average at 91% complete and winter wheat condition ratings held at 66% good to excellent.
Cattle futures are called steady to lower. Cash trade has not yet developed this week and cutouts were steady to only slightly lower on Monday. Cash trade could be steady this week as packer margins are favorable, although larger showlists in most states will likely limit any strength. But the futures market could be pressured by outside markets. The stock market is expected to be down strongly this morning and the dollar index was up sharply overnight.
Lean hog futures are called lower on the open. The weak tone in the cash market and outside market pressure are expected to weigh on hog futures. Export demand could be hurt by the sharp rally in the dollar. Dow Jones futures were sharply lower overnight, which is a bearish indicator for domestic demand. But losses could be limited by pork cutouts holding stable on Monday and ideas of tighter hog supplies this summer.