Corn futures are called 4 to 5 cents higher. Overnight trade was 2 to 5 cents higher. The corn market is expected to be supported by strength in soybeans and outside markets. Crude oil and Dow Jones futures were higher overnight and the dollar index was lower. Planting progress was within trade expectations at 62% complete, but that is 23% below the 5-year average with the major delays in the eastern half of the Corn Belt. However, gains will be limited by ideas that good planting progress will be made this week.



Soybean futures are called 13 to 14 cents higher, led by front end contracts. Overnight trade was 5 to 13 3/4 cents higher. Strong export demand, tight old-crop stocks and firm outside markets will push prices higher this morning. Weekly export inspections were strong again last week and China bought more new-crop soybeans yesterday. Non-commercial buying will be triggered again by the higher trend and expected strength in the stock market and crude oil.



Wheat futures are called 1 to 4 cents higher. Overnight CBOT trade was 1 1/2 to 4 1/2 cents higher and the KCBT was 1/4 to 1/2 of a cent higher. Spillover buying from soybeans and support from outside markets will push wheat futures higher. Spring wheat planting progress remains slow as 50% of the crop is seeded versus the 5-year average of 90%. However, gains will be limited by sluggish export demand and ample world wheat stocks. Also, winter wheat condition ratings improved to 48% good to excellent compared to 46% the previous week.



Cattle futures are called steady to higher. Futures discount to last week's cash market, firm choice boxed beef prices on Monday and expected strength in the stock market will be supportive factors. Gains will be limited by ideas that beef prices are near a near-term high as packers have already filled most Memorial Day holiday orders.



Lean hog futures are called steady to lower. The cash market has turned lower as packers back off of bids and slaughter with Memorial Day orders mostly filled. Pork cutouts were down 77 cents on Monday. However, losses should be limited by the recent uptick in U.S. financial and equity markets that helped futures rebound to a mostly higher close yesterday.