Corn futures are trading mixed to mostly lower. Corn futures are trading choppy on dry weather concerns. Crop stress due to inadequate moisture levels is the major concern going into the next few weeks. Euro zone debt crisis continues to adversely affect market prices. Weekly export sales are expected to be bearish for the market.
Soybean futures are trading 9 to 11 cents lower. Soybeans futures are trading lower on news that the economic slowdown in China may be larger than anticipated. Prices are further depressed as the dollar index rises. However, demand for U.S. soybeans is firm and weekly export sales are expected to be bullish.
Wheat futures are trading mixed this morning. Wheat prices at the CBOT are trading about 3 cents lower while prices in KCBT and MGE are trading slightly higher but mixed. Favorable weather in overseas wheat producing regions continues to weigh on the market. Weekly export shipments are expected to be bearish for wheat.
Cattle futures are called to open higher supported by strength in the cash market. Trade in the Nebraska and Iowa markets actively picked up on yesterday with prices 50 cents to $1 higher. No trade has yet to be reported in the south but is expected to pick up throughout the day. Beef packer margins are positive due to steady demand and should support market prices.
Lean hog futures are called to open higher. Steady cash prices and technical buying in the market will boost prices. Trade in the cash market is expected to be 50 cents higher. The pork cutout value was up again on Thursday signifying improved demand.