Corn futures are trading lower early morning. Corn futures are about 2 cents off of unchanged this morning. Although prices are well below recent record highs, long term bullish fundamentals and the affects of high winds and heavy rain from Hurricane Isaac will limit downside momentum. Weakness in the dollar index should support prices today.
Soybean futures are trading lower early morning. Profit taking ahead of the holiday weekend has soybean futures on the defensive. November soybean contract hit a new high of $17.80 ¾ on Thursday but is now trading off by about 20 cents. Long term bullish fundamentals will continue to support higher market prices.
Wheat futures are trading lower early morning. Heavy rains from the aftermath of Hurricane Isaac will be welcomed by producers in the U.S. Plains states as wheat planting approaches. Futures are feeling early morning pressure from weakness in the other grain markets and news that Russian does not plan to implement an export ban on wheat.
Live cattle futures are called to open higher this morning. Cash trade picked up late afternoon on Thursday with higher prices in the North and steady prices in the South. Traders expect cash trade to find momentum this morning as packers secure their needs before the Labor Day holiday.
Lean hogs are called to open mixed this morning. Hog futures are expected to open uneven, supported by follow through buying but pressured by profit taking and bearish market fundamentals. Lower cash prices and plummeting cutout values will keep the market on the defensive most of the session.