Corn, wheat futures move higher overnight

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Corn futures are trading higher this morning. Corn futures are receiving an extra boost in prices after a choppy week of trade last week. Weak export demand is expected to continue pressure the market, but the tight supply situation should keep prices trading at the current unprecedented levels. December corn is trading 3 ¼ cents higher.

Soybean futures are trading lower this morning. Soybean futures are extending overnight losses as traders liquidate long positions. The market is also pressured given the weakness in both the soyoil and soybean meal markets this morning. Nonetheless, the tight supply situation of the market and firm demand for U.S. soybeans should shore up the market. November soybeans are trading 13 cents lower.

Wheat futures are trading higher this morning. Wheat futures are posting firm gains this morning despite strength in the U.S. dollar index. Dry weather conditions across the U.S. Plains and global supply worries should strengthen the market; however, strong losses in the soybean market could potentially spark sell offs in the wheat market. Wheat futures are trading 5 cents higher.

Live cattle futures are called to open lower this morning. Despite last week’s steady to higher prices, sharp losses in wholesale beef prices are expected to pull futures lower at the open of pit trade. Wholesale beef prices declined $2.55 (choice) and $2.85 (select). Cash trade is called steady this week.

Lean hog futures are called to open lower this morning. The market is expected to open lower on lackluster cash prices and weakening fundamentals. Pork cutouts were reported lower on Friday afternoon and will negatively affect the market. However, December’s discount to cash should lend some support to prices.

Cotton futures are trading higher this morning. Prices are higher this morning on short covering after prices slumped to mid-May price levels last week. On the supply side (domestic), quality issues concerning micronaire remain a concern as cotton harvest progress. December cotton is trading 36 points higher.

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