Corn futures are called 6 to 8 cents higher. As of 7:00 a.m. CST overnight trade was 6 1/2 to 8 cents higher. The winter storm that spread across the central U.S. last week was supportive for the corn market. A fair bit of corn is still in the fields, and with a significant amount of snow now blanketing it farmers will have to wait until spring to finish harvesting the crop.
Soybean futures are called 12 to 13 cents higher. As of 7:00 a.m. CST overnight trade was 12 3/4 to 13 3/4 cents higher. Export inspections are expected to be bullish again today, as has been the trend for much of this marketing year. Last week's 53.6 million bushels was well ahead of the pace needed to reach USDA's estimate of 1.34 billion bushels. Adding to gains will be spillover support from corn will likely help boost soybean prices.
Wheat futures are called 9 to 11 cents higher. As of 7:00 a.m. CST overnight trade was 6 1/2 to 10 3/4 cents higher at the CBOT, 4 3/4 to 10 3/4 cents higher at the KCBT and 7 1/2 cents higher at the MGE. Spillover support from corn and weakness in the dollar should help push wheat futures higher. Fundamentals remain bearish. Abundant world stocks and slow exports have been haunting the wheat market, and this morning's export inspections will likely be poor yet again.
Cattle futures are called mixed. Cash prices this week is expected to be steady to higher, although trade will not likely develop until Wednesday. Winter weather is taking a toll on production, with carcass weights falling several pounds. Year-end profit-taking will weigh on futures. On Thursday choice was down 28 cents at $138.35 and select down 1 cent to $131.07.
Lean hog futures are called mixed. Winter storms have hindered cash hog trade, and buyers will be assessing how much they will need to fill this week's needs. Difficulty in getting hogs to market last week could mean an influx this week as channels open back up. Carcass value was up 3 cents to $67.89.
Cotton futures are trading strongly higher this morning. At 7:15 a.m. CST March cotton is 254 points higher at 76.19 cents and May is up 225 points at 76.80 cents. The market opened higher and rallied early. After the market closed on Thursday news came out that Brazil's cotton plantings for 2009/10 are expected to be down five percent.