Corn futures are trading 8 to 9 cents higher early morning. Corn prices opened overnight session higher as USDA reported corn good/excellent condition rating down 8 percentage points from last week. The report also showed corn silking at 25 percent, moderately higher than the 8 percent five year average. New crop contracts are further supported by drought like conditions across the Midwest.
Soybean futures are trading 16 to 17 cents higher early morning. Soybean futures rallied overnight on weather worries and declining crop condition ratings. Soybean condition ratings were reported at 45 percent (good/excellent) down 8 percentage points from the previous week. The report also showed soybean blooming at 26 percent, well above the five year average of 12 percent.
Wheat futures are trading 4 to 6 cents higher early morning. Wheat futures continue to ride the wave of higher prices as strength in the corn and soybean markets persist. USDA reported winter wheat harvest at 88 percent complete, above analysts’ expectations of 70 percent. Spring wheat good/excellent condition ratings were pegged 6 percentage points lower than the previous week.
Cattle futures are called to open mixed this morning. The market is expected to open uneven, weighed down by minimal cash trade before the July 4th holiday and sliding beef prices. Cash trade is anticipated to pick up after the holiday with prices called steady at best. However, look for higher corn prices to lend support to cattle futures.
Lean hog futures are called to open mixed this morning. Hog futures are anticipated to open pit trade on the soft side. Futures prices will be pressured by sharp declines in the pork cutout value and weakening fundamentals. Cash trade is expected to be steady to higher ahead of the July 4th holiday.
Cotton futures are trading higher early morning. Cotton futures are trading higher as traders purchased cotton along with grains. USDA reported cotton condition ratings at 47 percent good/excellent, down 3 percentage points from last week.