Corn futures are called steady to mixed. Overnight trade at 6:45 am CT was steady to 1/4 of a cent lower. The market was able to stabilize overnight on light short-covering following the strong losses on Monday. Outside markets also made a small recovery as Dow Jones futures were higher and the dollar index lower. Fresh market moving news will remain limited other than macroeconomic factors and trade volume is expected to be light ahead of Thanksgiving.
Soybean futures are called 2 to 3 cents higher. Overnight trade at 6:45 am CT was 2 to 2 3/4 cents higher. Short-covering following the losses on Monday and a small recovery rally in outside markets are supporting soybean prices. The stock market is expected to trade higher on Tuesday while the dollar index was lower overnight. But market action is expected to be limited as trade volume slows ahead of Thanksgiving.
Wheat futures are called 1 to 3 cents higher. Overnight trade at 6:45 am CT was 1/2 of a cent higher at the CBOT, 2 to 3 1/4 cents higher at the KCBT while the MGE was 2 1/4 cents lower. Light support is coming from short-covering and the dollar index turning lower overnight. But gains are expected to be limited by the bearish Supply/Demand fundamentals and sluggish export demand for U.S. wheat. The U.S. continues to lose market share to cheaper wheat from the Black Sea region.
Cattle futures are called steady to higher on the open. Light short-covering and ideas that cash trade will be near steady this week will be supportive. Beef prices continue to improve with choice cutouts up $1.26 on Monday. However, trading volume is expected to slow as traders gear up for Thanksgiving.