Corn futures are called 10 to 15 cents higher. Overnight trade at 6:45 am CT was 10 1/2 to 16 cents higher. Old-crop futures were leading the overnight gains on spillover support from wheat and more inflation concerns. Gold and crude oil were trading higher overnight while the dollar index was lower. New-crop is also trading higher on ideas that planting progress has fallen further below normal. USDA will release a Crop Progress report this afternoon. Weather forecasts for the next week call for more rainfall in the southern and eastern Corn Belt.

Soybean futures are called 3 to 4 cents higher. Overnight trade at 6:45 am CT was 2 3/4 to 3 3/4 cents higher. The market has been pulled slightly higher by strength in corn and wheat. Inflationary concerns were supportive as gold and crude oil were trading higher overnight while the dollar index was lower. However, gains were limited by concern for old-crop that export demand has shifted away from the U.S. and to South America. For new-crop, gains are being limited by ideas that corn planting delays could eventually lead to more soybean acres.

Wheat futures are called 20 to 30 cents higher. At 6:45 am CT the CBOT was 20 3/4 to 21 1/2 cents higher, the KCBT was 28 1/4 to 29 1/2 cents higher and the MGE was 29 1/2 to 32 1/4 cents higher. The KCBT and MGE are leading the gains on weather concerns. Continued dry weather in the southern Plains is continues to hurt the HRW crop and USDA is expected to show further deterioration in the Crop Progress report this afternoon. Meanwhile, it is too wet in the northern Plains and rain and snow there is slowing spring wheat planting progress. The CBOT has been pulled higher by spillover support from the other wheat exchanges and by higher corn prices.

Cattle futures are called mixed on the open. The Cattle on Feed report last week showed on feed numbers slightly below expectations. The surprise was that 3% increase in March placements, which was due to a 22% increase in the 800+ pound category. This contrasts with our theory that the increase would come from the lighter weight categories similar to last month. This placement pattern is slightly negative for late summer futures and friendly for the deferred contracts.

Lean hog futures are called mixed this morning. Concern that high prices will slow seasonal improvement in demand is bearish. But firm outside markets and ideas that tightening supplies of market ready hogs will be supportive for the cash market over the next few weeks are supportive factors.

Cotton futures are trading higher this morning. Dry weather in Texas is a concern for new-crop production potential. Outside market support is also pushing prices higher. At 6:30 am CT, July cotton was 229 points higher and December was 206 points higher.