Corn futures are trading 5 cents higher this morning. Corn futures rallied during the overnight session after two consecutive days of moderate losses. Prices have firmed, although they are well below market highs. There is no particularly bullish market news to support the market’s rally overnight except that traders are probably bargain buying after significant declines in the grain complex.
Soybean futures are trading higher this morning. Soybean futures are higher on bargain buying after two days of turbulent trade. At the time of this writing, prices are trading around 20 cents higher in light trade. Soybean oil and soybean meal are also trading higher this morning.
Wheat futures are trading 10 to 11 cents higher this morning. The grain complex is trading higher midweek and wheat is no exception. Prices across all three exchanges firmed overnight supported by strength in the corn and soy markets as well as bargain buying on the part of traders. However, look for the higher dollar index to limit gains.
Live cattle futures are called to open mixed this morning. Prices are expected to open on both sides of the market this morning. Prices are expected to see support from higher boxed beef prices and expectations for higher cash prices. On the other hand, profit taking on recent gains is expected to pressure futures contracts.
Lean hog futures are called to open mixed this morning. Trader optimism that the cash prices are finally starting to stabilize is expected to support prices on the open of pit trade. However, plunging pork carcass values and profit taking on yesterday’s moderate gains is expected to keep prices on the defensive.
Cotton futures are trading lower this morning. Cotton futures are lower while the other agricultural commodities are trading higher. It seems the euphoria from the Fed’s stimulus announcement last week is finally beginning to fade. Given the overall fundamental state of the market, traders are surprised that cotton futures are trading as choppy as they have been.