Corn futures are called 7 to 8 cents lower. Overnight trade at 6:45 am CT was 7 1/4 to 8 1/2 cents lower. Outside markets are weighing on futures trade. Continued concern about the European debt crisis is supporting the dollar index while the U.S. budget fight in the U.S. is expected to pressure the stock market. Fundamentals are generally bullish, but technical weakness and outside market are expected to pressure futures in light volume trade ahead of Thanksgiving.
Soybean futures are called 10 cents lower on the open. Overnight trade at 6:45 am CT was 9 3/4 to 10 1/2 cents lower. The market is being pressured by outside market weakness and more fund long liquidation. The European debt crisis is supporting the dollar index while the stock market is also being pressured by the U.S. budget fight. Futures are expected to trade lower despite the recent increase in export activity as China has been in the market for U.S. soybeans.