Corn futures are called 4 to 5 cents higher. Overnight trade at 6:45 am CT was 4 3/4 to 5 cents higher. Commercial buying following the recent weakness and stabilized outside markets overnight are supporting the market. Dow Jones futures indicate the stock market will rebound some this morning and the dollar has turned lower after the strong gains yesterday. Weekly export sales to be released this morning could provide some direction. Trade expectations for export sales range from 22-30 million bushels.
Soybean futures are called 4 to 5 cents higher. Overnight trade at 6:45 am CT was 4 1/2 to 4 3/4 cents higher. Spillover support from corn and some short-covering from recent weakness are expected to help prices bounce this morning. Outside markets stabilized overnight, which should help ease selling pressure. However, gains will be limited by the bearish revisions by USDA to U.S. ending stocks and the increased soybean production estimate for Brazil. Weekly export sales to be released this morning are only expected to be in the 15-22 million bushel range.
Wheat futures are called 2 to 4 cents higher. Overnight trade at 6:45 was 2 1/4 to 3 1/2 cents higher at the CBOT, 2 1/4 to 3 1/4 cents higher at the KCBT and 3 3/4 cents higher at the MGE. Some weakness in the dollar index overnight and spillover strength from corn are expected to push wheat futures higher. Gains will be limited by the bearish global supply/demand outlook. Weekly export sales to be reported this morning are only expected to be in the 13-17 million bushel range.
Cattle futures are called steady to higher. Expectations for firm cash trade is expected to support futures. Recent strength in beef prices have helped improve packer margins, although they still remain poor. Stabilized outside markets overnight should encourage some short-covering as the dollar index was lower and Dow Jones futures higher overnight.
Lean hog futures are called steady to mixed. Pork cutouts were down 90 cents on Wednesday and the cash market is expected to be steady to lower again today. However, stabilized outside markets and short-covering from recent losses should provide some support.
Cotton futures are strongly higher this morning. Stabilized outside financial markets has led to a short-covering bounce in cotton. At 6:45 am CT, December cotton was 235 points higher.