Corn futures are called 1 to 2 cents higher on planting concerns.
- Corn futures ended the overnight session mostly 2 cents higher on light followthrough from yesterday's gains.
- Funds have been active buyers in the corn pit this week, which has improved the near-term technical outlook. May corn has once again established $5.00 as immediate support.
- Rains moving across the Corn Belt overnight and moving into the eastern Belt have delayed planting. The near-term forecast calls for below-normal temps and above-normal precip, which raises concerns about ongoing planting delays.
- This morning's weekly corn sales of 618,900 MT for 2013-14 and 382,900 MT for 2014-15 were at the top end of expectations. Exports topped 1.6 MMT.
Soybean futures are called 1 to 6 cents higher, with nearbys leading gains.
- Old-crop soybean futures ended the overnight session 4 to 6 cents higher, with new-crop steady to 2 cents higher amid bull spreading.
- The tight old-crop stocks situation remains the leading factor for the market.
- This morning's weekly export sales data reveals demand has slowed, but it didn't show large reductions. Soybean sales of 800 MT for 2013-14 were a marketing year low, with sales of 118,200 MT for 2014-15. The combined tally came in below expectations.
- Exports of 182,200 MT were also low, but no major cancellations were announced.
- This morning's acreage report from Statistics Canada revealed producers in the country plan to plant 19.8 million acres of canola this spring, which was well below expectations and down 0.7% from 2013. But Canadian farmers said they plan to plant a record 5.3 million acres of soybeans, up 16.5% from 2013.
Wheat futures are called to open 7 to 10 cents higher amid spring wheat planting concerns.
- SRW wheat ended the overnight session 8 to 10 cents higher, with HRW up 8 to 9 cents and HRS up 7 to 10 cents.
- Futures were supported by concerns that rain and cool temps will continue to delays spring wheat planting in the Northern Plains.
- Meanwhile, this morning's weekly export sales data was neutral for the market. Sales of 339,100 MT for 2013-14 and 271,700 MT for 2014-15 were within expectations. Exports came in at 519,400 MT.
- Also supportive is this morning's Statistics Canada acreage report, as it revealed producers in the country plan to plant 24.8 million wheat acres, which came in slightly above expectations. If realized, the planting figure would be 4.8% smaller than year-ago.
Live cattle futures are called to open slightly lower after yesterday's slight gains.
- Live cattle futures were slightly lower in overnight trade in back-and-forth price action after yesterday's slight gains.
- Reports of steady cash cattle trade in the Northern Plains yesterday keeps hopes alive of steady to firmer trade in the Southern Plains, given that feedlots supplies are tighter in the south this week.
- Also supportive for cash improvement is this week's strong improvement in beef prices. Choice values firmed another $1.43 yesterday and Select rose $1.05 on decent movement of 152 loads.
- USDA reports weekly export sales of 18,000 MT, which is down 18% from the previous week but up 7% from the prior four-week average.
Lean hog futures are called to open lower amid light profit-taking.
- Lean hog futures were slightly lower in overnight trade following yesterday's gains as traders reevaluate positions.
- Futures were supported yesterday by Tuesday's bullish Cold Storage Report that reflected the tightening supply situation. Traders also believe this reflects continued solid pork demand.
- Packers moved an impressive 460.22 loads of pork yesterday, suggesting prices are once again finding value. Pork prices slipped 10 cents yesterday.
- But packer demand for cash hogs is light this week as they work to improve negative profit margins. Cash bids are expected to be mostly steady today.
- USDA reports weekly export sales of 15,100 MT, up 77% from the previous week.
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