Corn futures are called 2 higher. Overnight trade at 6:30 am CDT was 2 to 2 1/4 cents higher. Weakness in the dollar and strength in crude oil overnight is providing support. Gains are expected to be limited by the favorable weather this week for planting progress over much of the Midwest. The 6-10 day forecasts for the Midwest look generally favorable for planting.
Soybean futures are called 4 to 5 cents higher. Overnight trade at 6:30 am CDT was 4 3/4 cents higher. The market extended the rally from Tuesday overnight on further weakness in the dollar and the rebound in energy markets. Commercial buying remains a supportive factor despite concern that demand for U.S. soybeans will fade as export demand shifts to the newly harvested crop in South America.
Wheat futures are called steady to narrowly mixed. Overnight trade at 6:30 am CDT was steady to 1/4 cent higher at the CBOT, unchanged at the KCBT and 1/4 cent higher at the MGE. Bearish fundamentals are being countered by continued weakness in the dollar overnight. While choppy trade is expected, buying interest will be limited by the abundant supply of U.S. and global wheat stocks. In addition, winter wheat prospects remain favorable with 65% of the crop rated good to excellent.
Cattle futures are called steady to higher. Strength in the beef market and generally steady cash trade on Tuesday will be supportive. Boxed beef prices were higher with choice cutouts up 60 cents and select up $1.18. There was concern of lower cash trade this week before business developed at generally steady prices on Tuesday.
Lean hog futures are called steady to higher. Firm cash markets on Tuesday and the $1.43 jump in pork cutouts will be supportive for the futures market. Improving packer margins should help cash trade hold firm the second half of the week, unless pork cutouts turn lower again.