Corn futures are called 6 to 7 cents lower. Overnight trade at 6:30 am CDT was 6 1/2 to 6 3/4 cents lower. Outside markets and strong planting progress will weigh on the market. The dollar was up strongly overnight while crude oil and gold were lower. USDA’s crop progress report due out Monday afternoon is expected to show strong corn planting progress last week.
Soybean futures are called 9 to 10 cents lower. Overnight trade at 6:30 am CDT was 9 1/4 to 9 3/4 cents lower. Outside markets weighed on soybean futures overnight. The dollar is trading higher while crude oil and gold are strongly lower. The increased supply of soybeans in South America is a bearish factor as record crops there are expected to limit export demand for U.S. soy.
Wheat futures are called 2 to 3 cents lower. Overnight trade at 6:30 am CDT was 2 1/2 to 3 cents lower at the CBOT, 3 1/2 cents lower at the KCBT and 1 cent lower at the MGE. Spillover pressure from corn and soybeans and strength in the dollar overnight will weigh on the market. Fundamentally the market remains bearish with abundant U.S. and global wheat stocks. However, losses are expected to be limited by short-covering that supported wheat prices last week.
Cattle futures are called steady to higher. Follow-through buying and expectations for firm cash trade this week will be supportive. Boxed beef prices were slightly lower on Friday, but packer margins remain strong. Gains could be limited by outside markets. The stock market is expected to be lower this morning following the Goldman Sachs news last Friday.
Lean hog futures are called steady to higher. Light support is expected this morning on expectations for steady to firm cash bids. Packer margins remain favorable following the recent rise in pork cutout values. However, technically overbought conditions and the premium of futures to cash could limit gains or weigh on the market today.