Corn futures are trading 12 to 13 cents higher. Corn prices are up on renewed weather concerns. Continued dryness across the U.S. Corn Belt could potentially damage crops due to heat stress, thereby lowering yield potentials. Old crop supplies remain tight, lending support to prices. Today's crop progress report is anticipated to be bullish.
Soybean futures are trading 5 to 10 cents higher. Lack of adequate rainfall over the key production regions (U.S. Midwest and Southeast) are supporting soybean futures. Lower yields due to inadequate soil moisture levels remains a concern for new crop beans. USDA’s crop progress report is expected to bullish for the market.
Wheat futures are trading mostly higher this morning. Wheat futures recover amid tough market conditions on spillover support from the corn and soybean markets. The Kansas Wheat Harvest Report reports yields as mixed, with decent to good yields reported along with disappointing yields in some areas. Today’s crop progress report is expected to be bullish for wheat.
Cattle futures are called to open mixed. Lower wholesale beef cutout values and waning demand after the holiday are expected to weight on market prices. However, prices should see support from cash market premiums. Cashes prices are called steady to $1 higher.
Lean hog futures are called to open mixed. Hog futures are expected to open slightly lower on profit taking, however supported on follow through buying. Look for improvement in wholesale pork prices and renewed demand to underpin the market. Trade in the cash market is expected to 50 cents higher.
Cotton futures are trading 80 to 130 points lower this morning. Cotton futures are still under pressure after posting moderate losses on Friday. The market is still feeling the effects from China’s negative manufacturing data as China is a major importer of U.S. cotton.