Corn futures are trading 6 to 12 cents higher this morning. Corn prices rallied as weekend elections in Greece were favorable for all commodities. Outside markets are up and dry weather concerns have returned, pushing prices higher and supporting the market. The crop progress report is expected to be bullish for the market.
Soybean futures are trading 11 to 15 cents higher this morning. The soybean market is supported by firm supply/demand fundamentals. The market is trading higher as tensions concerning the EU crisis are easing due to this weekend’s Greek election of the pro-bailout political candidate. New crop contracts are seeing additional support from dry weather forecasts.
Wheat futures are trading 3 to11 cents higher this morning. The market is being lifted by the rally in both the corn and soybean markets. Weekend elections in Greece proved favorable for all commodities in general. Long term fundamentals remain bearish, limiting market gains.
Cattle futures are called to open mixed this morning. The market may see higher prices as retailer restock shelves after Father’s day weekend. However, weakness in last week’s boxed beef prices will weigh on market prices. Trade in the cash market is called expected to be steady.
Lean hog futures are called to open higher this morning. The fundamentals of the market remain favorable for prices. Supplies of ready barrows and gilts are tightening and will help to uplift hog futures. Higher pork prices and steady to higher cash prices will be positive for the market today. Trade in the cash market is expected to be steady to 50 cents higher.
Cotton futures are trading higher this morning. Cotton futures are trading higher due to strength in the outside markets and the positive outcome of this weekend’s Greek elections. However, the market remains under pressure from bearish fundamentals.