Corn futures are trading 6 to 8 cents higher. Corn futures are trading higher on short covering after prices declined due to a disappointing export sales report. The decline in the value of the dollar is also lending support to the market. Weather remains bullish for the market as high temperatures are forecasted across the U.S. Midwest this weekend.
Soybean futures are trading 3/4 to 3 cents higher. Soybean futures traded mixed to slightly higher in the overnight session. The weaker dollar and the reduction of the Argentina 2011/12 soybean crop should add support to prices. However, prices may see pressure as news that China cancelled four shipments of Brazilian soybeans.
Wheat futures are trading 6 to 13 cents higher. Wheat futures rallied on spillover buying in the corn market. A weaker dollar index and continued weather concerns are lifting prices as well. Wheat harvest is underway; the prospect of lower than expected yields may give prices an additional boost.
Cattle futures are called to open higher. Cattle futures are expected to open up, after a seeing much volatility in previous trading session. Prices are expected to increase on firm cash premiums and short covering in the market. Trade in the cash market is expected to be complete. Prices in the North were reported at $194, down $1 from the previous week’s prices.
Lean hog futures are called to open steady to lower. Hog futures have remained under pressure the last few trading sessions. Declining pork cutout values and low cash prices are weighing on the market. Trade in the cash market is expected to be sluggish, but a weak dollar may relieve price pressure.
Cotton futures are trading mixed this morning. Cotton futures are trading mixed to mostly higher this morning. Futures prices soared yesterday on a bullish weekly export sales report. The June contract is seeing slight resistance while the deferreds remain steady.