Corn futures are called 7 to 8 cents lower. Overnight trade at 6:45 am CT was 7 to 7 1/2 cents lower. The market continues to move lower on technical selling and fund long liquidation. Concern that high prices will slow demand has pushed prices to the lowest level in nearly a month. Some early harvest reports indicate better-than-expected yields. Export demand remains sluggish. Weekly export sales to be released this morning are expected to be in the 16-28 million bushel range.
Soybean futures are called 4 to 5 cents lower. Overnight trade at 6:45 am CT was 4 to 5 1/4 cents lower. The lower near-term trend continued overnight as futures have fallen six of the past seven sessions. Technical selling and some seasonal pressure ahead of harvest are weighing on futures. So far the market has not reacted to concern that frost in the upper Midwest could threaten some of the soybean crop. Cold temperatures are expected again the next couple of nights.
Wheat futures are called 5 to 7 cents lower. Overnight trade at 6:45 am CT was 6 1/4 to 6 3/4 cents lower at the CBOT, 5 1/4 cents lower at the KCBT and 2 3/4 to 3 3/4 cents lower at the MGE. The bearish global supply/demand outlook is weighing on the market. Export demand remains relatively slow and recent tenders by Egypt have bypassed the U.S. In the weekly export sales report to be released this morning, traders are expecting sales of 11-22 million bushels. Some rain is forecast for Kansas this weekend, but more rain will be needed in the HRW wheat belt to help winter wheat seeding and emergence this fall.
Cattle futures are called steady to mixed as traders wait for the cash market to develop. Beef prices were stronger early in the week, but have turned mixed. Cash trade is expected to be up $1-$2 from last week as showlists were generally smaller this week. But futures have already built in expectations for firm cash trade so choppy trade is expected.
Lean hog futures are called steady to higher. Pork cutouts were up 88 cents on Wednesday and cash markets were firm. Favorable marketings are encouraging a big Saturday slaughter. But gains are expected to be limited by rising hog weights and expectations for increasing numbers of market hogs. Slaughter weights for hogs in Iowa last week were up 3.7 pounds from the previous week.
Cotton futures are trading higher this morning. Technical buying and speculative buying is supporting the market. Traders will be watching weekly export sales to be reported this morning for further direction. At 6:35 am CT, December cotton was trading 98 points higher.