Corn futures are called 4 cents higher. Overnight trade at 6:30 am CDT was 4 to 4 1/2 cents higher. After the strong losses on Monday, futures are expected to rebound this morning. Overnight gains came amid strength in outside markets as crude oil and gold were solidly higher. USDA estimated planting progress at 19% complete as of Sunday, which was right on trade expectations. Good progress is being made early this week, but forecasts call for rain the second half of the week.
Soybean futures are called 8 to 9 cents higher. Overnight trade at 6:30 am CDT was 8 1/2 to 8 3/4 cents higher. The market rebounded overnight amid strength in outside markets as crude oil and gold were solidly higher and the dollar was a little lower. Export shipments of soybeans remain solid, although they are slowing as demand shifts to South America. Losses on Monday came on profit-taking after posting three month highs last Friday.
Wheat futures are called 6 to 7 cents higher. Overnight trade at 6:30 am CDT was 6 to 7 cents higher at the CBOT, 6 3/4 to 7 cents higher at the KCBT and 6 1/2 to 7 1/2 cents higher at the MGE. The market was able to rebound some overnight from the sharp losses on Monday. Light weakness in the dollar and strength in outside markets such as gold and crude oil will provide some speculative support for wheat. But gains will be limited by the improvement in winter wheat conditions ratings, which jumped from 65% good to excellent to 69% last week. At this time last year, the crop was rated 43% good to excellent.
Cattle futures are called steady to mixed as traders wait for the cash market to develop later this week. Beef cutouts were up on Monday and packer margins are strong. The size of showlists reported yesterday was mixed with last week. With packers short-bought and good margins, cash trade should be steady to firm with last week.
Lean hog futures are called steady to mixed. There were some lower cash bids on Monday and cash trade is expected to be steady to lower today. However, pork cutouts were up 80 cents yesterday and packer margins are solid. There is some concern that the strength in pork prices will cool demand.