Corn futures are called 3 to 4 cents higher. Overnight trade at 6:30 am CDT was 2 1/2 to 3 3/4 cents higher. Light short-covering supported futures overnight following the losses on Tuesday. Commercial buying and improved export demand will also be supportive. But gains will be limited by further strength in the dollar and the rapid pace of corn planting that could lead to increased corn acreage.
Soybean futures are called 2 to 3 cents higher. Overnight trade at 6:30 am CDT was 1 3/4 to 3 cents higher. Following the losses on Tuesday, short-covering developed overnight to push prices slightly higher. However, gains will be limited by further strength in the dollar and lower crude oil prices overnight. New-crop fundamentals are generally bearish as the rapid pace of corn planting should help soybean planting proceed at a strong pace.
Wheat futures are called are called steady to narrowly mixed. Overnight trade at 6:30 am CDT was unchanged to 1/4 cent higher at the CBOT, 1/4 higher to 1/2 cent lower at the KCBT and unchanged at the MGE. Further strength in the dollar overnight and bearish fundamentals are expected to weigh lightly on futures. Favorable winter wheat condition ratings and good spring wheat planting progress currently point to strong yield potential. Export demand has been sluggish this marketing year and large global wheat stocks keep export competition strong.
Cattle futures are called steady to lower. Cash trade has developed already this week, with live prices in the South down $.50 to $1 and dressed prices in the North down $.50 to $2 from last week. The weakness in the stock market and strength in the dollar were bearish factors on Tuesday and cattle futures traders will be watching outside markets again.
Lean hog futures are called steady to mixed. Cash hog bids are expected to be steady to firm as packer margins remain favorable and supplies of market ready hogs are tight. But gains will be limited by the 88 cent drop in pork cutouts. But gains could be limited by further strength in the dollar overnight that will hurt pork export prospects.