Corn, soybeans, wheat trading higher Wednesday

Corn futures are trading higher this morning. Corn futures are higher again on Wednesday morning. Futures prices are being supported by gains in the soy complex and lower dollar index. Although prices higher they continue to trade narrowly and in low volume this morning. USDA’s weekly crop progress report is scheduled to be released this afternoon with expectations that corn harvest will be 93 percent complete. December corn futures are trading 4 cents higher.

Soybean futures are trading higher this morning. Soybean futures are posting firm gains at this hour on news that heavy rains are hindering the planting process in some soybean growing regions in South America. Prices are also being lifted by weakness in the dollar index. USDA is scheduled to release its crop progress report this afternoon and the trade is expecting soybean harvest 88 percent complete. November soybean futures are trading 9 cents higher.

Wheat futures are trading higher this morning. Without fresh news to underpin prices, wheat futures are playing follow the leader role. Prices are moving higher on spillover support from the corn and soybean markets. The lower dollar index is another supportive factor for futures. December wheat futures at CBOT are trading 9 ½ cents higher, 6 cents higher at KCBT, and 7 ¼ cents higher at MGE.

Live cattle futures are called to open lower this morning. Futures are anticipated to open lower this morning on moderate declines in wholesale beef prices. Yesterday’s closing report pegged choice cutouts 67 cents higher while select cutouts dropped $1.20. Movement in the cash market picked up yesterday with prices steady to lower.

Lean hog futures are called to open mixed this morning. Follow through buying is anticipated to lift futures at the start of pit trade; however, weakening fundamentals are expected to add pressure. Demand is expected to pick up as consumers, grocers, etc will need to replenish food items lost due to lack of power. Cash prices are also called steady to lower today.

Cotton futures are trading higher this morning. Cotton futures are rallying this morning on short covering and bargain buying. Prices dropped over 2 percent during the previous trading session after the market was not able to move above a key resistance levels. December cotton futures are trading 67 points higher.

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