Corn futures are called 1 to 2 cents higher. Overnight trade at 6:30 am CDT was 1 to 1 1/2 cents higher. The sharp rally in DJIA futures overnight, strength in crude oil and weakness in the dollar are expected to be supportive. Weekly export sales to be released this morning are expected to be strong. But gains will be limited by generally favorable growing conditions for the crop that could help crop ratings improve this week.
Soybean futures are called 4 to 5 cents higher. Overnight trade at 6:30 am CDT was 4 to 5 1/2 cents higher. Outside market strength and weakness in the dollar are expected to push buying interest in commodity markets. DJIA futures were sharply higher overnight and crude oil was up nearly $2. The strength in the dollar will make U.S. soybeans less competitive with Brazilian soybeans on the global export market. Weekly export sales to be released this morning could provide some influence on the market.
Wheat futures are called 3 to 5 cents higher. Overnight trade at 6:30 am CDT was 4 1/4 to 5 cents higher at the CBOT, 3 1/4 to 3 1/2 cents higher at the KCBT and 4 to 4 1/2 cents higher at the MGE. Weakness in the dollar and some end-of-month positioning ahead of the extended Memorial Day weekend will be supportive. The rally in DJIA futures is expected to provide some fund buying strength. But gains could be limited by the weekly export sales report, which is expected to show sluggish exports. Also, winter and spring wheat condition ratings remain strong.
Cattle futures are called steady to mixed. Cash markets have traded lower in light trade already this week and that weak tone is expected late in the week. Boxed beef prices were lower on Wednesday, with choice down 68 cents and select down $1.37. But the sharp rally in DJIA futures and weakness in the dollar could encourage some fund buying in the commodity markets.
Lean hog futures are called steady to mixed. The weak tone in the cash market and ideas that pork cutout values have topped will be bearish for front end contracts. But packer margins are favorable and expected tight supplies this summer are expected to limit losses. In addition, outside markets will encourage strength in commodities. The dollar was lower overnight and DJIA futures were sharply higher.