Corn futures are called 1 to 2 cents higher. Overnight trade at 6:30 am CDT was 1 1/2 to 2 cents higher. The market rebounded slightly overnight from the losses posted on Tuesday. Export demand remains solid. But gains will be limited by crop condition ratings improving to 76% good to excellent, up 4% from the previous week. With planting nearly complete at 97%, rainfall in the Corn Belt should be beneficial to the crop again this week.
Soybean futures are called steady to narrowly mixed. Overnight trade at 6:30 am CDT was 1/4 of a cent lower to 3/4 cent higher. The crop progress report released Tuesday afternoon was neutral. Planting progress was 1% below the five-year average at 74%, but emergence at 46% is 2% ahead of the five-year average. Export demand has been very strong this marketing year, but shipments are slowing as demand has largely shifted to South America. The influence of outside markets overnight was mixed with Dow Jones futures higher, but the dollar higher as well.
Wheat futures are called steady to 1 cent higher. Overnight trade at 6:30 am CDT was steady to 1 cent higher at the CBOT, 1 1/2 to 1 3/4 cents higher at the KCBT and 1/2 of a cent higher at the MGE. Light short-covering is expected to support prices this morning. Futures are at contract lows and are nearly technically oversold levels. Gains will be limited by generally bearish fundamentals. Winter wheat condition ratings slipped slightly last week at 66% good to excellent, but that is well above last year and average. Spring wheat conditions are very strong at 85% good to excellent.
Cattle futures are called steady to mixed. Cash trade is expected to be near steady this week. Light trade developed at steady money in Nebraska on Tuesday as some packers are short-bought. Showlists are generally smaller this week. Boxed beef prices have been moving mostly lower, but choice cutouts were down only 5 cents and select cuts were up 42 cents yesterday.
Lean hog futures are called steady to lower. The weak tone in the cash market will weigh on the futures market. However, losses will be limited by the bounce in Dow Jones futures overnight and pork cutouts moving 31 cents higher on Tuesday. Packer margins are strong and with increasing slaughter schedule, cash prices should soon stabilize.