Corn futures are called 10 to 15 cents higher on concerns about planting delays.
- Corn futures ended the overnight session 11 1/2 to 13 3/4 cents higher on concerns about this week's cooler and wet weather pattern.
- While producers were able to get some fieldwork done over the weekend, another rainy week is ahead. A system is currently moving across Iowa and there's a daily chance of rain for the Corn Belt. Temps are also expected to cool as the week progresses.
- As a result, planting delay concerns are heightened, which is supporting futures this morning.
- Gulf corn basis is steady this morning to stand 65 cents above May futures for immediate delivery.
Soybean futures are called 1 to 2 cents lower amid spreading with corn.
- Soybean futures ended the overnight session mixed, but most contracts favored the downside amid spreading with corn.
- Planting delays across the Corn Belt are raising expectations some acres will be switched to soybeans, especially in the northwest Belt where flooding will increase due to snowmelt.
- Also adding to the negative tone are concerns about the inability of China to contain its bird flu outbreak.
- Gulf soybean basis is steady this morning to stand 90 cents above May futures for immediate delivery.
Wheat futures are called 4 to 7 cents higher on concerns about the HRW wheat crop and spring wheat planting delays.
- Chicago and Minneapolis wheat futures ended the overnight session 4 to 7 cents higher, with Kansas City up 3 to 5 cents.
- Wheat futures are being supported by concerns about the HRW wheat crop. The Wheat Quality Council's tour of the HRW crop begins today.
- Traders look for this afternoon's crop condition report to show further deterioration due to ongoing drought and recent freezes.
- Spring wheat planting delays are heightened by flooding in the Red River Valley.
Live cattle futures are called mixed as traders wait for clues from the boxed beef market.
- Live cattle futures ended last week slightly lower in all but the April contract that was firmer. June cattle will soon be the lead-month contract and are trading at a steep discount to the cash market.
- Traders will be keeping a close eye on the boxed beef market to start the week to gauge weekend beef clearance.
- Strength in the corn market is expected to weigh on feeder cattle futures this morning.
Lean hog futures are called mixed, with upside potential for nearbys limited by the premium they hold to the cash index.
- Lean hog futures ended Friday with slight to moderate gains, which lends to expectations for some profit-taking this morning.
- Nearby lean hog futures are trading at a sizable premium to the cash index as traders have factored in improved demand.
- The cash hog market is called steady to mostly $1 higher as packers note supplies have tightened.