Corn futures are called 1 to 2 cents higher. Overnight trade was 1 1/2 to 1 3/4 cents higher in most actively traded months. On Monday afternoon, USDA pegged planting progress at 33% complete, slightly below trade expectations and well below the 5-year average pace of 50%. The biggest delays are in the eastern Corn Belt where Illinois and Indiana are only 5% planted versus 66% and 47% normally. Forecasts call for weather conditions to allow for some planting this week, although there will still be disruptions in the eastern Corn Belt.



Soybean futures are called 6 to 9 cents higher. Overnight trade was 5 1/2 to 9 1/4 cents higher. Bullish old-crop fundamentals and technical momentum after hitting 7-month highs yesterday will support prices. Soybean planting progress last week reached 6%, which was slightly below expectations and about half of the 5-year average of 11%. South American weather is generally favorable for harvest, but disappointing yields have been causing Argentina production estimates to be lowered. Gains may be limited by weakness in Chinese soybean and Malaysian palm oil prices overnight.



Wheat futures are called 5 to 8 cents higher. Overnight CBOT trade was 5 to 8 cents higher and the KCBT was 6 1/2 cents higher. Spillover support from soybeans and spring wheat planting delays will help push futures higher this morning. Spring wheat planting progress was only 23% complete compared to the 5-year average of 59%. Forecasts call for some more cool and wet weather in the northern Plains, which will further slow fieldwork. Gains will be limited by sluggish export demand. Weekly export inspections last week were below trade expectations and the pace needed to reach USDA's export forecast.



Cattle futures are called steady to mixed. Choppy futures trade is expected as the cash market is not expected to develop until later in the week. Boxed beef prices were lower on Monday, but losses slowed. There is some optimism for improved seasonal demand. However, gains will be limited until boxed beef prices can turn higher. Cash trade later this week is expected to be lower than last week as showlists are larger and as packers rely heavily on captive supplies.



Lean hog futures are called steady to mixed. Some short-covering is expected this morning although fundamentals remain bearish. Pork cutouts were down another $1.01 on Monday and cash prices were nearly $2.50 lower. Packers remain concerned about the ability to move pork following the H1N1 flu outbreak. Reports that a Canadian herd of hogs contracted the flu from a human that had been in Mexico will limit buying.