Corn futures are called to open mixed in lackluster trade.
- Corn futures ended the overnight session narrowly mixed with an upside bias. The market didn't stray too far from unchanged in overnight trade.
- Rains over the weekend slowed corn harvest, but with USDA closed the market will not receive official crop progress data this afternoon.
- Helping to limit harvest-related price pressure is weakness in the U.S. dollar index as it helps to make U.S. corn more attractive to foreign buyers.
- Gulf corn basis is steady to weaker for nearby delivery to suggest the flow of new-crop corn is satisfying demand.
- Corn futures have a lot of work ahead to signal seasonal lows are in place.
Soybean futures are called to open mixed as traders even positions.
- Soybean futures ended the overnight session steady to 2 cents lower but were choppy into the end of overnight trade.
- Weekend rains slowed harvest, but traders will not get official progress data this afternoon from USDA.
- It's also very unlikely the government will reopen in time for the important October Crop Production Report originally scheduled for Friday.
- Weakness in the U.S. dollar index helped keep strong selling at bay overnight and could help to strengthen futures this morning.
- After posting weekly gains, followthrough this week in the soybean market would suggest the market has posted seasonal lows.
Wheat futures are called 2 to 5 cents firmer on improved demand.
- All wheat flavors ended the overnight session around 3 to 5 cents higher on improved demand and weakness in the U.S. dollar index.
- Concerns about planting delays in Russia and frost damage in Argentina have raised expectations that more buyers will be coming to the U.S. to meet their needs.
- Russian private crop firm SovEcon has lowered its winter grains seedings forecast by 500,000 hectares to 13 million. The Russian ag ministry forecasts winter grains seedings at 16.4 million hectares (39.5 million acres).
- Weakness in the U.S. dollar index is also helping to keep U.S. wheat competitive on the global market.
- Recent technical chart improvement gives bulls the upper hand heading into this week.
Live cattle futures are called to open mixed amid a lack of fresh news.
- Live cattle futures are expected to see a mixed start as traders are cautious about adding new positions due to a lack of USDA data.
- Meanwhile, traders are disappointed by last week's steady to lower cash cattle trade, which suggests the boxed beef market has softened.
- October live cattle ended last week at around a $2 premium to the cash market, which raises the risk of profit-taking pressure.
- A choppy tone in the corn market and tight calf supplies should help limit pressure in feeder futures this morning.
Lean hog futures are called to open mixed as traders wait on direction from the cash market.
- Lean hog futures are expected to be mixed as traders are cautious about adding new positions due to the lack of USDA data.
- Without daily slaughter and pork cutout data, traders are left watching the cash market more closely.
- The cash market is called mostly steady as packers say they will have no difficulty securing this week's needs.
- But well-in-the-black packer profit margins could result in some locations raising kill requirements and cash bids.