Corn futures are called 4 to 5 cents higher. Overnight trade at 6:45 am CT was 4 1/4 to 4 3/4 cents higher. The market turned higher overnight on spillover support from soybeans and short-covering from recent weakness. Gains are being limited by outside markets. Dow Jones futures are trading solidly lower overnight while the dollar index is higher.
Soybean futures are called 14 to 15 cents higher. Overnight trade at 6:45 am CT was 14 to 15 1/2 cents higher. Technical buying and reports that China is in the market for U.S. soybeans are supporting futures. Futures were able to rally overnight despite outside market pressure. Strength in the dollar and weakness in Dow Jones futures are limiting further gains.
Wheat futures are called steady to 2 cents higher. Overnight trade at 6:45 am CT CBOT futures was 1/2 to 1 1/4 cents higher, the KCBT was also 1/2 to 1 1/4 cents higher and the MGE was 2 1/2 to 6 1/4 cents higher. The markets were mixed in overnight trade before turning higher on support from higher corn and soybean markets. Gains are expected to be limited by sluggish export demand and strength in the dollar index overnight. U.S. wheat continues to lose market share to cheaper wheat from the Black Sea region.
Cattle futures are called steady to higher. Strong gains in boxed beef prices should help support futures trade. Packers slowed chain speed last week and limited supplies of beef are supporting prices. Choice cutouts were up $1.38 and select cuts were up $2.38. Market ready cattle supplies remain tight, but are generally larger than last week, but cash prices could hold this week given the recent strength in beef prices.
Lean hog futures are called steady to mixed. The weak tone in the cash market and the 46 cent decline in pork cutouts are expected to limit gains in the futures market. However, strong export demand should offer some support. Pork exports in September were up 37% from the previous year and reports indicate continued strong pork export demand.
Cotton futures are trading higher this morning. Mills covering positions are supporting the December contract ahead of delivery. At 6:30 am CT December futures are 107 points higher.