Corn futures are called 1 to 2 cents higher. Overnight trade at 6:45 am CT was 1 1/4 to 1 1/2 cents higher. With little other news available, the market has turned slightly higher overnight amid some outside market strength. Higher Dow Jones futures and gold trade are supportive factors. However, gains are being limited by a slowdown in commercial demand. Harvest progress has been good this fall, but wet weather will slow some activity in the central and eastern Corn Belt.
Soybean futures are called 3 to 4 cents higher. Overnight trade at 6:45 am CT was 3 to 3 1/2 cents higher. The lack of fresh news is leaving the market to watch outside markets for direction. So far overnight, that has been mostly supportive for commodities as Dow Jones futures, crude oil and gold are higher. USDA’s weekly export sales report could provide some direction this morning. Harvest is wrapping up in many areas as USDA pegged progress at 80% complete as of Sunday. Weather has been favorable much of this week, although rain will slow activity in the eastern Corn Belt.
Wheat futures are called 2 to 3 cents higher. Overnight trade at 6:45 am CT was 3 to 3 1/4 cents higher at the CBOT, 1 3/4 to 2 1/4 cents higher at the KCBT and 9 cents higher at the MGE. Some outside market support and firming basis levels for winter wheat are supportive factors. The weekly Export Sales report this morning could provide direction. But with little other news available, the outside markets could keep leading the way. The European debt summit and direction of the dollar will likely influence the wheat markets again today.
Cattle futures are called steady to higher. Firm boxed beef prices and talk of firm cash trade this week will be supportive. Choice cutouts were up $2.21 and select cuts were $1.23 higher on Tuesday. Packer margins remain poor, but at least there has been some improvement.
Lean hog futures are called lower on the open. Pork cutout values were down $2.03 on Tuesday and cash markets were $1-$2 lower. The expected soft tone in the cash market and further fund long liquidation are expected to put the futures market on the defensive today.
Cotton futures are trading near unchanged this morning. Choppy trade is expected with little fresh news available. Traders will likely watch outside markets for direction today. At 6:35 am CT, December cotton was 2 points higher.