Corn futures are called 3 to 4 cents higher following overnight trade that settled that way. With planting progress only 97% complete as of Sunday according to USDA, there will be some acreage switching from corn to soybeans in the eastern Corn Belt. Crop condition ratings slipped slightly to 69% good to excellent from 70% the previous week. Strength in crude oil and weakness in the dollar overnight will also be supportive. Traders will be gearing up for the Supply/Demand report due out Wednesday morning. USDA is expected to lower the 2009/10 ending stock projection.



Soybean futures are called 7 to 8 cents higher. Overnight trade was 6 1/2 to 8 1/4 cents higher. Planting progress was a little below trade expectations at 78% compared to the five-year average is 87%. The market will also be getting ready for the Supply/Demand report due out tomorrow morning. Pre-report expectations are for USDA to cut old and new-crop ending stock projections. Strength in crude oil and weakness in the dollar overnight will also be supportive.



Wheat futures are called 5 to 6 cents higher. Overnight CBOT trade was 2 1/4 to 5 3/4 cents higher and the KCBT was 5 1/4 to 8 1/4 cents higher. Futures are expected to rebound from the losses on Monday. Strength in corn, soybeans and weakness in the dollar will provide support. Winter wheat condition ratings slipped to only 44% good to excellent while harvest is only 5% complete, down from the 5-year average of 10%. Spring wheat planting delays remain supportive. While normally complete at this time, planting is only 96% done with Minnesota and North Dakota only 94% complete. USDA is expected to lower the 2009/10 ending stocks estimate tomorrow morning.



Cattle futures are called steady to higher. Boxed beef prices turned mixed on Monday with choice cutouts up $1.04. Cash fundamentals remain shaky, but June futures are already at a discount to cash. Showlists are mixed with generally bigger numbers in the South and a little smaller in the North. Some short-covering is expected this morning.



Lean hog futures are called steady to mixed. Cash trade is expected to be steady to lower again today as packer margins remain poor. Pork cutout values were nearly unchanged, but recent losses indicate slow demand for pork. Technically oversold conditions for summer month contracts could lead to some short-covering today.