Corn futures are called 6 to 8 cents lower (old-crop). Overnight trade at 6:45 am CT was 6 1/2 to 8 1/4 cents lower in old-crop and 2 to 2 1/2 cents lower in new-crop months. The market was pressured by noncommercial long liquidation and outside market pressure. Strong losses in crude oil futures overnight are weighing on the corn market. Weather forecasts and the potential impact on corn planting will remain a market factor. Forecasts continue to call for rain in the eastern Corn Belt, where planting delays are the most significant. The Weekly Export Sales report due out this morning could influence trade. Shipment need to be 44 million bushels or better to remain on pace to reach USDA’s export forecast.

 

Soybean futures are called 9 to 10 cents lower. Overnight trade at 6:45 am CT was 9 to 9 1/2 cents lower. The market continued to drift lower overnight as funds continue to liquid long positions. The selling has been in part triggered by losses in energy and precious metal markets. There is little bullish news for soybeans as export demand has slowed and large soybean crops have been harvested in South America. The Weekly Export Sales report is expected to show slow sales and shipments need to be above 13 million bushels to remain on pace to reach USDA’s export forecast.

 

Wheat futures are called 5 to 7 cents lower. Overnight trade at 6:45 was 6 1/2 to 6 3/4 cents lower at the CBOT and 5 3/4 to 6 1/4 cents lower at the KCBT. Despite poor winter wheat condition ratings and spring wheat planting delays, futures are being pressured by fund long-liquidation. The Wheat Quality Council’s tour of Kansas wheat has found some poor crop prospects, which was largely expected given USDA’s crop condition ratings. The Weekly Export Sales report could influence trade. Export shipments need to be at least 44.7 million bushels to remain on pace to reach USDA’s export forecast.

 

Cattle futures are called steady to lower. Boxed beef prices were lower on Wednesday and cash trade was generally $2 lower this week. Choice cutouts were down $1.22 and select cuts were $1.31 lower. Concern about sluggish beef demand and fund long liquidation in commodity markets are expected to remain a bearish factor.

 

Lean hog futures are called steady to lower. The weak tone in the cash market and the 47 cents decline in pork cutouts prices are expected to weigh on the market. Concern about sluggish pork demand has weighed on futures recently. However, losses could be limited by short-covering from recent losses.

Cotton futures are trading strongly lower this morning. Losses in energy and precious metal markets are leading to long liquidation in the cotton market. At 7:00 am CT, July cotton was 517 points lower and December was 249 points lower.