Follow me on twitter @julijohnston
Overnight highlights. Following are opening grain and livestock calls at 6:10 a.m. CT:
Corn: Mixed. Following yesterday's gains corn futures are mixed amid bull spreading. May corn has moved to its highest level since May 6 as traders recognize old-crop stocks are tight. New-crop corn hasn't strayed too far from unchanged but still has a lot of work ahead of it to clearly suggest bulls have momentum on their side.
Soybeans: Steady to 3 cents higher. Futures are benefiting from some short-covering following yesterday's losses. May soybean futures are hovering above support at the February low. Traders believe that demand for old-crop soybeans has softened as end-users focus on securing South American supplies.
Wheat: 1 to 2 cents higher. Wheat is seeing short-covering support following yesterday's losses. May Chicago wheat is trading at around a dime below May corn futures as the market searches for a price that spurs demand. Meanwhile, moisture demands are rising for greening wheat in the Southern Plains and there's little rain in the near-term forecast.
Live cattle: Steady to firmer. Futures are expected to benefit from followthrough from yesterday's slight gains and short-covering. Upside potential will be limited to short-covering however, as traders remain concerned about beef demand. Choice beef values rose 8 cents yesterday and Select declined 22 cents on solid movement to start the week of 132 loads. This week's cattle showlist is up slightly from last week.
Lean hogs: Steady to firmer. Lean hog futures are expected to see a lift from yesterday's 53-cent increase in pork cutout values, although movement of just 18.75 loads keeps demand concerns on traders minds. While packers' profit margins are in the black, demand for cash hogs remains lackluster as packers say they are having no difficulty securing supplies. Some firmer bids could be seen today due to travel disruptions across areas of the Midwest.