Corn futures are called 4 to 5 cents higher. Overnight trade at 6:45 am CT was 4 to 4 1/4 cents higher. Continued planting delay concerns and weakness in the dollar index overnight are supporting markets. USDA will release a new Weekly Export Sales report this morning. Trade expectations range from 20-35 million bushels for sales. Inspections need to be 42.4 million bushels to remain on pace to reach USDA’s export forecast.
Soybean futures are called 8 to 9 cents higher. Overnight trade at 6:45 am CT was 8 1/4 to 9 1/4 cents higher. The market was able to work higher overnight on concern that late soybean planting in the eastern Corn Belt and northern Plains could trim yields. Weakness in the dollar is also a supportive factor. However, the Weekly Export Sales report is expected to show very slow export demand. Trade expectations only range from 6-12 million bushels. Shipments are expected to fall short of the 12.7 million bushel pace needed to reach USDA’s export forecast.
Wheat futures are called 13 to 14 cents higher for winter wheat and 25 cents higher at the MGE. Overnight trade at 6:45 am CT was 13 1/2 to 14 cents higher at the CBOT, 13 1/4 to 13 3/4 cents higher the KCBT and 24 cents higher at the MGE. The market is being supported by concern over the poor HRW crop conditions and spring wheat planting delays. The decline in the dollar index overnight is also providing support. Weekly export sales will be released this morning and trade expectations range from 15-26 million bushels. The market has continued to rally despite report yesterday that Russia is considering lifting a ban on exports.
Cattle futures are called steady to higher. The market is correcting from technically oversold levels. Boxed beef prices have improved this week, which may help the cash market stabilize next week. Some choppy trade is expected today and tomorrow as trade volume slows ahead of the Memorial Day weekend.
Lean hog futures are called steady to higher. Short-covering and the premium of cash to the front end contract are expected to provide support. Pork cutouts were up 87 cents on Wednesday and there is talk that the cash market will turn higher next week. Trade volume is expected to slow through the end of the week as trader gear up for the holiday weekend.
Cotton futures are trading higher this morning. Old-crop is continuing higher following the rally on Wednesday. New-crop is higher on weather concerns that could threaten cotton production in some areas, although gains are being limited by profit-taking. At 6:30 am CT July cotton was 97 points higher and December was 5 points higher.