Corn futures are called 1 to 3 cents lower. Overnight trade at 6:45 was 3/4 to 3 cents lower. The market had rallied overnight before turning lower this morning. Firm cash basis levels and increased export demand has been supportive for old-crop before profit-taking developed. Planting delay concerns remain, but good progress has been made in most of the central and western Corn Belt. Strength in the dollar is a bearish factor for commodities this morning.
Soybean futures are called 4 to 5 cents lower. Overnight trade at 6:45 am CT was 4 1/2 to 5 1/2 cents lower. There was a solid rally attempt overnight, but futures have turned lower. Sluggish export demand and profit-taking from the gains on Wednesday are weighing on the market. Soybean planting delays are a concern, but corn planting delays in the eastern Corn Belt and northern Plains could push some acreage intended for corn to soybeans. Strength in the dollar overnight is a bearish factor for commodity markets.
Wheat futures are called 10 to 15 cents lower. Overnight trade at 6:45 am CT was 12 to 14 3/4 cents lower at the CBOT, 9 to 12 1/2 cents lower at the KCBT and 10 to 13 1/4 cents lower at the MGE. After trying to rally again overnight, futures have turned lower. Profit-taking from the recent strong gains are weighing on futures despite continued bullish fundamental news. Winter wheat crop ratings remain poor and spring wheat planting delays continue. Production prospects are being threatened in France and parts of Russia as well. But sluggish export demand and strength in the dollar are bearish factors.
Cattle futures are called steady to mixed. Choppy trade is expected ahead of the Cattle on Feed report due out this afternoon. Trade expectations are for placements in April to be 104% of a year ago and marketing at 96%, leaving May 1 cattle on feed at 106%-107% of year-ago. Weakness in the cash market and declining beef prices have weighed on futures this week. Choice cutouts were down $1.80 on Thursday.
Lean hog futures are called higher on the open. Cash trade was up over $3 on a national average as packers were aggressive buyers and market ready hog supplies have tightened. But gains will be limited by the 98 cent decline in pork cutout values, which will squeeze packer margins. Technically oversold futures and the discount to cash should be supportive in pre-weekend trade.
Cotton futures are trading lower this morning. Profit-taking is weighing on futures following recent gains. Strength in the dollar this morning is bearish for commodities. At 6:40 am CT, July cotton is 185 points lower and December is 64 points lower.