Corn futures are called 2 to 3 cents higher. Overnight trade at 6:30 am CDT was 2 1/2 to 3 cents higher. Futures rallied overnight on commercial buying and recent strong export demand. Weekly export inspections to be reported this morning are expected to be strong. The recent corn purchase by China has led to optimism for more business. But strength in the dollar and ideas of another strong planting progress numbers in Monday afternoon’s Crop Progress report will limit gains.
Soybean futures are called 1 to 2 cents higher. Overnight trade at 6:30 am CDT was 1/4 to 2 cents higher. The market was higher overnight, but gains were limited by strength in the dollar and ideas that export demand will continue to shift to South America. Harvest weather has been favorable in Brazil and Argentina and crop production estimates have recently been increasing. USDA is expected to report the first soybean planting progress number this afternoon. The fast pace of corn planting is expected to benefit the pace of soybean planting.
Wheat futures are called 2 to 3 cents higher. Overnight trade at 6:30 am CDT was 3 1/4 cents higher at the CBOT and 2 1/2 cents higher at the KCBT. The market rallied on spillover support from corn and soybeans. The market will be watching for news from the Kansas Wheat Tour this week. Crop conditions have been strong this spring and USDA will update the Crop Progress report this afternoon. Futures gains will be limited by generally bearish fundamentals and strength in the dollar overnight.
Cattle futures are called steady to mixed. Packer margins are strong and boxed beef prices were higher on Friday. However, largely numbers of market ready cattle could limit any gains in the cash market this week. Seasonally increasing beef demand and the June contract’s discount to cash will be supportive to front end futures.
Lean hog futures are called steady to higher. Cash trade is expected to be firm early this week as market ready hog numbers remain tight while packer margins are favorable. Technical strength could also provide support for the futures market as with several contracts pushing above moving averages on Friday.