CORN: Corn futures are called 1 to 6 cents higher this morning based mostly on overnight Globex activity, Brugler Marketing reported Monday morning. The euro is stronger vs. the dollar, while the Chinese yuan is weaker. Corn was up 12 cents last week in the old crop March contract. Informa Economics raised their 2012 corn plantings estimate to 94.75 million acres up from the previous estimate of 94.4 million.
SOYBEANS: Soybean futures are expected to start the day session 10 to 15 cents higher. Nearby beans were up 28.75 cents for last week, according to Brugler Marketing. Informa Economics lowered their soybean plantings estimate for 2012 to 74.568 million acres. The IGC lowered projected global soybean production for 2011/12 to 256 MMT, putting Brazil at 71.8 MMT and in line with the CONAB estimate.
Hogs, cattle expected to be 20 cents higher
HOGS: Pork in Cold Storage the end of December was at 481,673,000 pounds versus 475,829,000 pounds in December 2010, Brugler Marketing said. IA/MN hogs were up $0.14 on Friday. The CME Lean Hog Index was at $84.96. Weekly slaughter is estimated at 2.064 million head compared to 2.083 million for the same period last year. Pork trading was slow to moderate with light to moderate demand and offerings. The Carcass cutout was higher Friday on 62.13 loads.
CATTLE: Brugler Marketing reported the monthly Cattle on Feed report on Friday showed January On Feed at 103% vs. the average trade estimate of 103.3%, December Placement estimates were 94.1% vs. 94.2% for the average guess and the December marketings were 98.1% vs. the average guess of 97%.
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