Corn futures are called steady to mixed. Overnight trade at 6:30 am CDT was unchanged to 1/4 of a cent lower. Sharp gains in the dollar overnight and weakness in Dow Jones futures could weigh on the market. But the uncertainty in the European markets and recent export sales to China could keep crop traders on the sidelines. Warmer weather and some sunshine in the Corn Belt are expected to help crop condition ratings improve in the Crop Progress report this afternoon.
Soybean futures are called 5 to 7 cents higher. Overnight trade at 6:30 am CDT was 5 1/2 to 7 1/4 cents higher. Strength in the cash market and the talk last week that some Chinese purchases were being switched from Brazil to the U.S. will be supportive. Planting progress was slowed last week by rain, but warmer and drier weather over the Midwest should help progress pick up this week. USDA will update planting progress in the Crop Progress report this afternoon.
Wheat futures are called 1 to 2 cents lower. Overnight trade at 6:30 am CDT was 1 3/4 to 2 cents lower at the CBOT and 1 1/4 to 1 1/2 cents lower at the KCBT. Strength in the dollar and generally bearish fundamentals are expected to weigh on the market. Export demand remains sluggish and world wheat supplies abundant. Winger wheat condition ratings are well above average and rain in the southern Plains last week could help increase rating in the Crop Progress report this afternoon.
Cattle futures are called steady to mixed. The Cattle on Feed report released on Friday afternoon was very near trade expectations. Placements were up 2% from a year-ago and marketings down 1% in April Cattle on feed as of May are down 3.4% from last year. Buying interest will be limited by weakness in the cash market last week, lower boxed beef prices and uncertainty in the financial markets.
Lean hog futures are called steady to mixed. Some short-covering is possible after prices turned higher on Friday after the strong losses earlier last week. But gains will be limited by strength in the dollar, the weak tone in the cash market and the recent losses in pork cutouts values. On Friday, pork cutouts were down 23 cents.