Corn futures are called 13 to 15 cents lower. Overnight trade at 6:45 am was 12 1/2 to 13 1/4 cents lower. The corn market is being pulled lower by further strong losses in crude oil overnight as fund long-liquidation continues. However, fundamentals remain supportive as planting delays continue in the eastern Corn Belt and ending stocks projections are very tight.
Soybean futures are called 3 to 5 cents lower. Overnight trade at 6:45 am CT was 3 1/4 to 5 cents lower. The sell-off in commodities markets including more strong losses in crude oil futures are weighing on the market. Sluggish export demand is also a bearish factor as weekly export sales last week were only 0.8 million bushels. But after the strong losses on Thursday, weakness in soybeans is expected to be limited by some short-covering today.
Wheat futures are called steady to mixed this morning. Overnight trade at 6:45 am CT was 1/4 to 1 1/4 cents lower at the CBOT, 3/4 to 1 1/4 cents higher at the KCBT and 4 1/4 cents lower at the MGE. Spillover pressure from corn and the continued sell-off in crude oil futures will be a bearish factor for wheat. However, bullish fundamentals will help limit losses or could support prices. Winter wheat crop conditions remain poor and the crop in the western and southern Plains are still in need of rain. Spring wheat could find some support from continued planting delays in the northern Plains.
Cattle futures are called steady to mixed. Boxed beef prices were lower again on Thursday and the cash market was generally $2 lower this week. Choice cutouts were down $1.60 and select cuts were 79 cents lower. However, short-covering and some ideas that the warmer weather in much of the U.S. will soon help improved domestic beef demand. Export demand remains strong with weekly beef sales last week up 75 percent from the 3-year average.
Lean hog futures are called steady to mixed. Pork cutouts were down 37 cents on Thursday, but cash markets were able to rebound on Thursday. Further were able to rebound yesterday despite a broad-based sell-off in nearly every other commodity. Market ready hog supplies are tightening, but packer margins remain poor.
Cotton futures are trading mixed this morning as the market consolidates following recent losses. At 7:00 am CT, July futures were 30 points lower and December was 81 points higher.