Corn futures are called 1 to 2 cents higher. Overnight trade at 6:30 am CDT was 1 1/4 to 2 1/2 cents higher. Outside market support and noncommercial buying are expected to support corn futures trade. Crude oil and gold were higher while the dollar was a little lower overnight. However, gains will be limited by the favorable planting progress so far this spring. Rainfall could slow planting late this week and over the weekend in the Midwest.
Soybean futures are called 1 to 2 cents higher. Overnight trade at 6:30 am CDT was 1 3/4 to 2 1/4 cents higher. The market is expected to find light support from outside market support and strong export demand. Crude oil futures and gold prices were firm overnight while the dollar was a little lower. Export demand has remained solid despite the harvest of a record soybean crop in Brazil and likely Argentina.
Wheat futures are called steady to 1 cent higher. Overnight trade at 6:30 am CDT was 1/2 to 1 cent higher at the CBOT, unchanged at the KCBT and steady to 3/4 cent higher at the MGE. Fundamentals are bearish but the market remains open to short-covering. Solid gains were posted on Tuesday and some light support is expected to outside markets as the dollar was slightly lower overnight. Gains will be limited by the strong competition for export sales globally. Also, winter wheat crop prospects remain favorable as conditions ratings improved to 69% good to excellent last week.
Cattle futures are called steady to mixed. Traders will be watching for cash business for further direction. Firm beef prices and ideas of steady to firm cash trade could help support front end contracts. Choice cutouts were up 93 cents on Tuesday. However, gains may be limited by positioning ahead of the Cattle on Feed report and ideas that placements could be up sharply versus year ago.
Lean hog futures are called steady to higher. Pork cutouts were up another 90 cents on Tuesday and cash markets turned higher. Wholesale demand for pork appears to be strong given the good volume of trade. The weekly cold storage report showed out-movement last week of 1.045 pounds of frozen bellies compared to in-movement a year-ago of 1.73 million pounds.