Corn futures are trading 9 to 15 cents higher early morning. Corn futures rallied on possible euro-zone stabilization and economic growth. Weather still remains a dominant force behind higher corn prices. USDA is set to release it stocks and acreage reports this morning at 7:30 am. The trade is expecting to see an average 95.6 million acres of corn planted.
Soybean futures are trading 13 to 15 cents higher early morning. Soybean futures are up on economic stabilization in the EU and continued calls for hot temperatures across the Midwest. USDA is set to release it stocks and acreage reports this morning at 7:30 am. Prices may see some push back as the trade is expecting USDA to report an increase in soybean acres planted. The average of analysts’ estimates peg soybean acreage at 75.5 million acres, up from 73.9 million acres.
Wheat futures are trading 2 to 11 cents higher early morning. Wheat futures are supported by the lower dollar index and renewed hopes of economic stability in the EU. USDA is set to release it stocks and acreage reports this morning at 7:30 am. The trade is expecting an increase in wheat acres planted due to ideal growing conditions this spring. Analyst’s estimate spring wheat acres 5 percent higher, at 12.5 million acres and all wheat acres higher at 56.8 million acres.
Cattle futures are called to open mixed this morning. The market is called to open uneven this morning. On the one hand the market will be pressured by lower beef prices and profit taking. However, prices should see some support from the lower dollar and movement in the cash market. Cash traded is anticipated to be steady.
Lean hog futures are called to open mixed this morning. The market is expected to open under fire as the pork cut value took a nose dive on yesterday. Futures discounts to cash prices should lend support to market prices. USDA is set to release its quarterly Hogs and Pigs report this afternoon. The trade is expecting to see an increase in both market hog and breeding herd numbers.