Corn futures are called 6 to 7 cents higher. Overnight trade at 6:45 am CT was 6 1/4 to 6 1/2 cents higher. After the sell-off on Wednesday, futures have rebounded slightly overnight. Further strength in crude oil and weakness in the dollar is providing some support. There have been some forecasts for drier Midwest weather in extended outlooks, but cool and wet weather will limit planting activity over the next week to ten days.
Soybean futures are called 4 to 6 cents higher. Overnight trade at 6:45 am CT was 4 1/2 to 5 3/4 cents higher. Renewed buying interest surfaced on Wednesday and was again present overnight. Further weakness in the dollar could help support export demand at a time when most business has shifted to the newly harvest crop in South America. Crude oil is trading higher overnight, which is supportive for soybean oil and the soy complex. Extended forecasts call for warmer and drier weather in the Midwest after mostly wet conditions the next week to ten days. If the forecast verifies, corn planting will benefit and the switch to soybeans due to planting delays would be limited.
Wheat futures are called 5 to 7 cents higher. Overnight trade at 6:45 am CT was 4 1/2 to 6 1/4 cents higher at the CBOT, 7 to 7 1/4 cents higher at the KCBT and 10 1/2 to 11 cents higher at the MGE. Outside markets and bullish fundamental news will be supportive. Weakness in the dollar overnight is supportive for commodity markets. Continued dry weather in the southern Plains has left much of the HRW in bad shape and much of the crop will soon be reaching the point of not being able to be salvaged. In the northern Plains, farmers are still dealing with rain and snow that is delaying and could eventually prevent some spring wheat planting.
Cattle futures are called steady to mixed. Light cash trade developed at steady money on Wednesday, but more volume is expected today. Boxed beef prices were flat yesterday, but movement has been slow. Choppy futures trade is expected ahead of the Cattle on Feed report due out this afternoon. A new animal cruelty video caused futures to fall on Wednesday and gains could be limited today by concern the video will turn some consumers away from beef.
Lean hog futures are called steady to mixed. Strength in the cash market on Wednesday and outside markets will be supportive for futures. But gains will be limited by profit-taking ahead of the three-day weekend for traders and on position evening ahead of the Cold Storage report due out this afternoon.
Cotton futures are trading higher this morning. Short-covering from recent sharp losses are supporting the market. Further weakness in the dollar and recent strength in the stock market are providing the futures market support. At 6:30 am CT, May cotton was 51 points higher and December was 220 points higher.