Corn futures are called 3 to 4 cents higher. Overnight trade was 3 1/2 to 3 3/4 cents higher. Overnight trade at 6:30 am CDT was 3 1/2 to 3 3/4 cents higher. Strong losses in the dollar overnight will be supportive. News that China is importing corn is also a bullish factor. But gains will be limited by solid corn planting progress and forecasts that should more favorable Midwest weather for corn planting.
Soybean futures are called 5 to 6 cents higher. Overnight trade at 6:30 am CDT was 5 3/4 to 6 cents higher. The market was supported overnight by weakness in the dollar which will help the competitiveness of U.S. soybeans on the global export market. Regardless, demand is shifting to the newly harvested supplies in Brazil and Argentina.
Wheat futures are called 3 to 4 cents higher. Overnight trade at 6:30 am CDT was 3 1/4 to 3 3/4 cents higher at the CBOT, 4 to 4 1/2 cents higher at the KCBT and 2 1/4 cents higher at the MGE. Weakness in the dollar overnight has helped support the market, spurring some noncommercial short-covering. But gains are expected to be limited by bearish fundamentals. U.S. and global stocks remain abundant although USDA revised their ending stocks estimates lower both globally and in the U.S. in the recent Supply/Demand report.
Cattle futures are called steady to higher. Spillover buying from last week and ideas of steady to firm cash trade again this week will be supportive. However, mixed boxed beef prices on Friday could limit gains as beef prices may be topping. Tightening cattle supplies are expected to help give feedlots some leverage in cash trade negotiations.
Lean hog futures are called steady to mixed. With futures hovering near contract highs, the market is expected to open mixed. Pork cutouts were up 20 cents on Friday, but cash trade is called steady to mixed as packer margins are poor despite recent strength in cutouts.