Corn futures are trading 2 to 3 cents higher. Corn prices declined as yesterday’s USDA’s crop progress report indicated that new crop corn was 72 percent good to excellent despite recent bouts with hot dry conditions. Market prices are seeing added pressure as export competition between the U.S. and Latin America heats up.
Soybean futures are trading 6 to 11 cents higher. Monday’s crop progress report for soy showed soybean conditions as 65 percent good to excellent, this was below analyst expectations of 69 percent good to excellent. Overall, fundamentals of the market are favorable for prices.
Wheat futures are trading mixed to mostly lower at CBOT and KCBT. Wheat futures decline on bearish fundamentals and renewed pressure from outside markets. Winter wheat harvest is currently underway and USDA reported the crop as 20 percent complete weighing on KCBT prices.
Cattle futures are called to open higher. Prices should see added support from cash market premiums. Beef packer margins are positive and trade in the cash is expected to be steady. Wholesale beef prices were up on yesterday, which should provide market support.
Lean hog futures are called to open lower on profit taking. However, support from firm wholesale pork cutouts and stronger demand should limit losses. Prices will see added support from steady trade in the cash market.
Cotton futures are trading mixed this morning. Cotton futures are mixed after posting moderate losses on yesterday. The USDA crop progress report indicated that the cotton condition rating was 54 percent good to excellent, down from the previous week’s rating of 57 percent.