Corn futures are called 9 to 10 cents higher. Overnight trade at 6:45 am CT was 9 3/4 to 10 cents higher. Commodity markets are expected to find support from strength in the stock market and weakness in the dollar as a deal was reportedly reached overnight in Europe over the Greek debt problems. Rain in the southern and eastern Corn Belt will slow some harvest progress, but improved harvest weather is expected this weekend and next week.
Soybean futures are called 21 to 22 cents higher. Overnight trade at 6:45 am CT was 20 3/4 to 22 1/4 cents higher. With news overnight that European leaders had reached an agreement over restricting Greek debt, global financial markets have turned higher and the dollar index has fallen. Commodity markets turned higher on the news and higher crude oil prices will provide support. The weekly Export Sales report due out this morning is expected to show another week of strong export shipments.
Wheat futures are called 13 to 20 cents higher. Overnight trade at 6:45 am CT was 13 1/2 to 14 cents higher at the CBOT, 19 to 19 3/4 cents higher at the KCBT and 13 1/4 to 13 1/2 cents higher at the MGE. The strong rally overnight is being driven by the sell-off in the dollar and expected strength in the stock market on news of a deal between European banks and Greece over their debt problems. The news sent global financial markets higher for the time being. However, gains could be limited by bearish global supply/demand fundamentals.
Cattle futures are called higher on the open. Strength in outside markets should be supportive. The stock market is expected to be higher this morning and the dollar index is down strongly overnight on the new of a European debt deal. Packer margins remain poor, but beef prices have turned higher this week. Cash trade is expected to develop today at mostly steady money with last week when $120-$121 trade was reported.
Lean hog futures are called steady to mixed. Front end contracts could be pressured by the 89 cent decline in pork cutouts and the steady to weak tone in the cash market. However, deferreds are expected to find support from ideas that China will continue to import good amounts of U.S. pork. Outside markets are also expected to be supportive as European leaders have reportedly come to an agreement on dealing with Greek debt.
Cotton futures are trading higher this morning. Outside markets are supporting most commodities. News overnight that European leaders had agreed to a plan to help Greece deal with their debt problems has pushed Dow Jones futures higher while pushing the dollar index strongly lower. At 6:35 am CT, December cotton was 162 points higher at 101.94 cents.