Follow me on twitter @julijohnston
Overnight highlights. Following are highlights of overnight trade (as of 6:25 a.m. CT) and opening livestock calls:
Corn: 2 to 8 cents higher. New-crop futures were generally 7 to 8 cents higher overnight after weekend rains were a disappointment. Very little precip was seen in eastern and southern areas of the Corn Belt and there's no relief for those regions in the near-term forecast. Sunday's NWS 6-10 day forecast calls for warm and dry conditions the close out the month.
Soybeans: 10 to 15 cents higher. Futures were stronger overnight on help from weather concerns and a hot and dry 6-10 day forecast. Traders also watched global events this weekend and the Greeks voted to stay in the euro-zone yesterday as the pro-bailout party won the election. But positive sentiment from the election has faded, with the U.S. dollar strengthening in reaction to rising Spain bond yields.
Wheat: 6 to 8 cents higher. Kansas City wheat is leading the way with gains of 9 to 10 cents, with Minneapolis just pennies higher and Chicago around 6 to 8 cents higher this morning. Much of the support is coming from relief over Greece's vote and spillover from neighboring pits. Some global weather concerns are also supportive, but wheat has a lot of work ahead to improve technicals.
Live cattle: Mixed. Futures are expected to see a choppy start as traders will be gauging beef demand coming out of Father's Day weekend. Beef values softened late last week, but Choice still remains at lofty levels -- ending the week at $198.00-per-cwt. Key this week will be showlists, as a larger supply of market-ready cattle last week gave packers the upper hand in cash negotiations.
Lean Hogs: Steady to higher. Futures are expected to see a lift from strength in the pork cutout market, as values rose $2.54 on Friday to raise cash expectations to start this week. For now, the market is focused on tightening supplies that are lifting the pork cutout market. Meanwhile, packers' profit margins have slipped to well-in-the-red levels, which could temper demand for cash supplies.