Corn futures are trading 1 to 4 cents higher. Corn futures held on to gains amid weakness in the soybean and wheat markets on yesterday. The forecast for hot weather in the US Midwest is lending support to prices. Weekly export sales are expected to be bullish for corn while weekly exports shipments are expected to be bearish.
Soybean futures are trading 12 to 14 cents higher. Soybean futures recovered after two consecutive days of losses and news that China may cancel or roll forward previously purchased soybean shipments. Rising temperatures and dry conditions across the U.S. Midwest this weekend remains a bullish factor. Analysts are anticipating a bullish report for both weekly export sales and shipments.
Wheat futures are trading 6 to 8 cents higher. Wheat futures followed the soybean market overnight, rallying after hard losses yesterday. An early report that winter wheat yields in southern Kansas are lower than expected is lending support to prices. However, weekly export shipments are expected to be bearish.
Cattle futures are called to open lower. The market is still feeling pressure from this week’s bearish cold storage report. Beef cut-out values improved on the close, up 60 cent to $1. However, prices in cash market were reported as much as $2 lower than last week’s in Texas and Nebraska.
Lean hog futures are called to lower. Hog futures are expected open lower as the pork carcass value decline once again. The overall fundamentals of the market remain bearish as prices and demand are down and stock piles are up. Trade in the cash market is light, with preliminary bids as much as a $1 lower.
Cotton futures are trading 120 to 150 points higher. Cotton prices rallied overnight after a day of mostly volatile trade. The rally in the market can be attributed mostly to short covering as buyers are taking advantage of recent setbacks in the market. The overall fundamentals remain bearish for the market.