Corn futures were up a nickel overnight. Weekly crop progress has this year’s corn planting at 96% planted, but crop ratings slipped to 56% good to excellent, down 3% points from last week, and poor to very category up 2% points to 12%. Prices will likely stay choppy as we move towards this Friday’s Grain Stocks and planting report.
Soybean futures were higher overnight with Nov trading as much as 8-1/2 cents higher before easing. Soybean planting was tabbed at 85% complete, slightly below market expectations. This compares to a 5-year average of crop nearly in the ground. First crop ratings for soybeans were 54% good to excellent, below expectations and the percentage of poor to very poor at 10%.
Wheat futures traded 3 to 4 cents higher overnight with market traction noted from continued hot forecasts across Europe that will likely add some weather premium into global market prices while lifting U.S. wheat prices as well. In addition, winter wheat harvest is at 15% complete, which is running well behind 5-year averages of 34%.
Cattle futures are called mixed. Cattle futures are looking to etch up a bottom as prices finished Monday’s trade mixed. Retail values saw some mid-day firmness on Monday, and the most recent cattle on feed numbers were slightly neutral with placements supportive, but total cattle on feed running 1% above last year’s levels.
Hog futures are called mixed to lower. Front month contracts may be poised to challenge contract lows as the fundamental picture stays heavy in the hog market. With slaughter estimated at approximately 200,000 head over last year’s levels, putting record amounts of pork product into coolers.