Corn futures are called steady to 1 cent lower. Overnight trade at 6:30 am CDT was 3/4 to 1 cent lower. Favorable crop weather and growing ideas of strong crop condition ratings in the Crop Progress report are expected to weigh lightly on the market. But losses are likely to be limited by expectations for strong weekly export inspections to be reported by the USDA this morning. Also, strength in Dow Jones futures and the sell-off in the dollar overnight will be supportive.
Soybean futures are called 3 to 6 cents higher. Overnight trade at 6:30 am CDT was 2 3/4 to 5 3/4 cents higher. Outside market support and rain in the Midwest that has slowed the last leg of planting will be supportive. Dow Jones futures and crude oil futures were up strong overnight and the dollar was sharply lower. New-crop gains could be limited by favorable growing conditions for the crop already planted and emerged. The NOPA crush report for May could influence the market. Pre-report trade estimates are at 131.7 million bushels.
Wheat futures are called 4 to 5 cents higher for the CBOT and KCBT, with gains of 10-12 cents at the MGE. Overnight trade at 6:30 was 4 1/2 to 5 1/4 cents higher at the CBOT, 4 1/2 to 5 1/2 cents higher at the KCBT and 10 1/ 4 to 12 1/4 cents higher at the MGE. The strong decline in the dollar overnight and slowed harvest progress in the southern Plains due to rainfall will be supportive. Rain has slowed HRW wheat harvest and could damage test weights. There are already reports of low protein in the crop already harvested in the southern Plains. The low protein has helped rally the MGE, although that will be countered by favorable spring wheat condition ratings.
Cattle futures are called steady to mixed this morning. Cash trade is expected to be lower again this week and beef prices were on the defensive last week. On Friday, choice cutouts were down $1.99. Packer margins have narrowed, but remain positive. Slowing slaughter schedules should increase showlists this week. However, outside markets will be supportive. Strength in Dow Jones futures and weakness in the dollar should help limit losses and could push some contracts higher.
Lean hog futures are called steady to higher. Cash prices moved higher on Friday and pork cutouts were up 37 cents. The cash market is expected to be supported by tightening supplies of market ready hogs. Outside markets will also be supportive as Dow Jones futures were solidly higher overnight while the dollar was strongly lower.