Corn futures are called 15 to 20 cents higher. In the Acreage report this morning, USDA pegged acreage at 87.872 million, down 1.4 million from the average trade estimate. This compares to planting intentions of 88.8 million acres and plantings last year at 86.5 million. Corn stocks on June 1 were 4.310 billion bushels, down about 290 million from trade expectations and just 49 million above this time last year.


 


Soybean futures are called higher this morning, led by old-crop. Gains in old-crop months are expected to be 10 to 15 cents. Grain stocks as of June 1 were pegged at 571 million bushels, down about 25 million from the trade expectation. Spillover support is expected from corn. For new-crop, gains will be limited by acreage coming in above expectations. USDA pegged planted acreage at 78.868 million, up about 675,000 from the average trade estimate.


 


Wheat futures are called steady to 3 cents higher. The Acreage and Stocks reports were bearish for wheat, but we are calling for a higher open given the decline ahead of the report and bullish corn and old-crop soybean numbers. USDA pegged spring wheat acreage at 13.907 million, up about 175,000 from trade expectations. All wheat acreage at 54.305 million is up about 500,000 from trade expectations. Grain stocks on June 1 were also bearish at 973 million bushels compared to trade expectations of 940 million.


 


Cattle futures are called steady to mixed. Firm cutouts on Tuesday and short-covering could help push prices higher today. Cash trade is expected to be steady to $1 lower than the $91 last week, with some early week trade taking place at $90. Outside markets were a bearish factor yesterday, but the small recovery overnight could be supportive.


 


Lean hog futures are called lower on the open. Pork cutouts were down 92 cents on Tuesday and cash prices are expected to ease today. Short-term packer needs seem to be covered and slaughter next week will be slowed due to the Fourth of July holiday. Recent strength in the dollar is a bearish factor for exports, although the dollar did trade lower overnight.