Corn futures are called 5 to 6 cents higher. Overnight trade was 4 3/4 to 6 3/4 cents higher. The smaller than expected ending stocks estimates by USDA on Tuesday and more rain moving through the eastern half of the Corn Belt will be supportive. Planting delays will be dragged out even further in Illinois and Indiana among other areas. Spillover support is also expected to come from soybeans.



Soybean futures are called 10 to 15 cents higher. Overnight trade was 11 to 16 1/4 cents higher. While the market was expecting USDA's cut in the ending stocks estimate for this marketing year, 130 million bushels remain very tight and the 230 million bushel estimate for the 2009/10 marketing year leaves little cushion for any production shortfall. Rainfall in the southern and eastern Midwest will further slow soybean planting progress, which points to lowered yield potential due to the later planting dates.



Wheat futures are called 2 to 3 cents higher. Overnight CBOT trade was 2 1/4 to 3 cents higher and the KCBT was 2 1/4 to 3 1/2 cents higher. Spillover support from corn and soybeans is expected to support the wheat market. Spring wheat planting delays and the smaller than expected winter wheat production forecast will be bullish factors as well. However, gains are expected to be limited by USDA's increased world global ending stocks estimate and skepticism that wheat exports will reach USDA's forecast for the current marketing year.



Cattle futures are called steady to mixed as the market waits for cash trade to develop for direction. Expectations are for $1 to $2 higher trade compared to the $84 business last week. Boxed beef prices turned higher on Tuesday, with choice cutouts up 99 cents and select cuts up 60 cents. Wholesale demand is improving ahead of Memorial Day features.



Lean hog futures are called steady to higher. Cash markets continue to post strong gains and pork cutouts were up another $1.14 on Tuesday. Demand for pork has improved as we head into grilling season. The market has posted a sharp recovery from the H1N1 flu scare weakness. However, this has left the futures market vulnerable to some profit-taking.