Corn futures are trading 4 to 5 cents higher early morning. Currently there is lack of fresh news concerning the corn market. Prices were able to rebound during the overnight session but the market remains susceptible to rounds of long liquidation if prices should pull back. The market will continue to see support from the supply side in the longer term, especially as talks of demand rationing intensify.
Soybean futures are trading 12 to 13 cents higher early morning. Morning trade has been relatively quiet for the bean market. Upside momentum from firm demand and tight supplies are pushing prices higher this morning. However, as futures trade at record high levels, price volatility in the market has the potential to incite rounds of non commercial liquidation.
Wheat futures are trading 5 to 7 cents higher early morning. Wheat futures are trading slightly higher after yesterday’s moderate losses due to Egyptian purchases of wheat from Russia and Ukraine. Prices are supported by strength in the corn and soybean markets but any drawback in the grain complex could cause prices to tumble.
Live cattle futures are called to open higher this morning. The cattle market is anticipated to open the pit higher on surging wholesale beef prices and expectations for higher cash prices. Tuesday’s closing boxed beef prices were reported over $2.30 for both choice and select cuts. Although cash trade is expected to be higher again this week with asking prices about $2 higher, movement in the cash market is not expected to pick up until later in the week.
Lean hog futures are called to open lower this morning. Hog futures anticipated to open uneven, pressured by lower cash prices but supported by a higher pork carcass value. However, prices will be met with resistance from overall bearish market fundamentals
Cotton futures are trading higher early morning. Since the release of the USDA WASDE report last week cotton futures have been heavily pressured by even larger ending stocks estimates. However, prices found renewed strength as news circulated that Chinese imports are expected to jump 150 percent.