Corn futures are called 4 to 5 cents higher. Overnight trade at 6:30 am CDT was 4 1/4 to 4 3/4 cents higher. The market was able to recover slightly from recent losses overnight. Weakness in the dollar and strength in crude oil are supportive factors. USDA pegged planting at 87% complete and emergence at 55%. While planting was slightly below expectations, it is still 9% above the five-year average and emergence is 16% ahead. Rainfall has slowed the tail end of planting, but has provided ample soil moisture for the crop.
Soybean futures are called 7 to 8 cents higher. Overnight trade at 6:30 am CDT was 6 1/2 to 8 1/2 cents higher. The market recovered some from 7 1/2 week lows in overnight trade. Weakness in the dollar and strength in crude should offer some support. Planting progress was slowed by the cool, wet weather last week, but at 38% complete, planting is still running 3% ahead of the five-year average. Gains are expected to be limited by slowing export demand.
Wheat futures are called 2 to 3 cents higher. Overnight trade at 6:30 am CDT was 2 1/4 to 3 1/4 cents higher at the CBOT, 1 3/4 to 2 3/4 cents higher at the KCBT and 1/4 to 1 1/4 cents higher at the MGE. The rebound in outside markets overnight and weakness in the dollar will provide some light support for the wheat market as will some short-covering support. Spring wheat planting progress is 79% complete, down 1% from the five-year average. However, gains in the futures market will be limited by bearish fundamentals. Winter wheat condition ratings held strong at 66% good to excellent and export demand remains sluggish.
Cattle futures are called steady to mixed. Cash trade is not expected to develop until later in the week. Cash prices are expected to be lower given the recent weakness in futures and lower boxed beef prices. But a rebound in outside financial markets and stable beef prices on Monday should help limit losses and could help push some contracts higher.
Lean hog futures are called steady to mixed. Packer margins have narrowed and pork cutouts were down $1.57 on Monday. Cash prices have turned lower, but losses should be limited by tight supplies of market ready hogs. Weakness in the stock market and strength in the dollar has been a bearish factor for futures, but a small rebound in Dow Jones futures and weakness in the dollar overnight will be slightly supportive.