Corn futures are called 7 to 8 cents higher. Overnight trade at 6:45 am CT was 7 1/2 to 8 1/4 cents higher. Outside market support and firm cash markets are pushing futures higher. Dow Jones futures traded higher overnight while the dollar index was lower. Cash basis levels remain firm as farmer selling has been light despite harvest wrapping up in many areas. Wet weather in the Midwest will slow the tail end of harvest in other areas.
Soybean futures are called 22 to 24 cents higher. Overnight trade at 6:45 am CT was 22 to 24 1/4 cents higher. Futures trade is being supported by outside markets. Solid gains in Dow Jones futures overnight and weakness in the dollar helped trigger the rally in soybeans. Rain is slowing the tail end of harvest in the Midwest. Some ideas of better than expected yields have pressured prices recently amid ideas that USDA may have to raise their production estimate from the 3.060 billion bushels in October.
Wheat futures are called 5 to 8 cents higher. Overnight trade at 6:45 am CT was 6 to 7 3/4 cents higher at the CBOT, 8 to 8 1/4 cents higher at the KCBT and 4 3/4 to 5 1/2 cents higher at the MGE. The market is being supported by spillover buying from corn and weakness in the dollar index overnight. Gains could be limited by rain in the Plains that will benefit the winter wheat crop. Weekly export sales will be released this morning and pre-report trade estimates range from 13-17 million bushels.
Cattle futures are called steady to mixed. Futures and the cash market shot higher earlier this week, but choppy trade is expected today. Packer margins continue to deteriorate given the higher cash prices and the weakness in beef prices. Expected strength in the stock market and weakness in the dollar index will be supportive for futures trade.
Lean hog futures are called steady to lower. Pork cutouts were down $1.18 on Wednesday. Spillover selling and the eroding cash market fundamentals will be bearish. Market ready hog supplies remain ample and declining pork prices indicate pork supplies are outweighing demand. Outside market support should help limit losses as weakness in the dollar is a supportive factor for exports.