Corn futures are trading slightly below unchanged this morning. Trade is light and movement is slow as corn futures trade within a narrow range. Futures prices are expected to be pressured by poor demand for U.S. corn. Last week’s sales totaled 166,700 tonnes while the range for this week’s sales are expected to fall between 150,000 to 250,000 tonnes. December corn is trading 3/4 cents lower.
Soybean futures are trading mixed this morning. Soybean futures are randomly mixed with pressure building in the early 2013 contracts. Futures moved lower overnight after a day of big gains on Wednesday. However, the market is underpinned by strong demand for soy products and supportive fundamentals. Weekly export sales are anticipated to be bullish for the market. November soybean futures are trading ½ cent lower.
Wheat futures are trading lower this morning. Wheat futures jumped over 2 percent on Wednesday after Ukraine confirmed the implementation of a wheat export ban starting next month. In spite of this and the lower dollar index, prices turned lower during the overnight session. Weekly export inspections are expected to be neutral to bearish for the market. December wheat at CBOT is trading 3 ¼ cents higher.
Live cattle futures are called to open higher this morning. Cattle futures are anticipated to open the pit on the offensive supported by strength in boxed beef prices and improving packer margins. Although cash trade has not developed, traders remain enthusiastic that cash trade will be steady to higher this week.
Lean hog futures are called to open lower this morning. Surprising hog futures closed higher despite weakening fundamentals and market uncertainty. The pork carcass value continues to unravel and should negatively affect prices at the open of pit trade. Ham cutouts led the way dropping over six dollars on Wednesday. Packer margins are good but processors are expected to lower bids which could result in lower cash prices.
Cotton futures are trading higher this morning. Cotton futures are up after two days of steep losses on technical selling and global economic concern. Prices are higher due to short covering but the general bearish tone of market will pressure the market. December cotton futures are trading 45 points higher.