Corn futures are trading 8 to 20 cents higher early morning. Corn futures are up as the Midwest continues to experience drought like conditions. New crop contracts are supported by dry weather while old crop contracts are being lifted by tight supplies. The trade is expecting to see further reductions in corn’s crop condition rating today.
Soybean futures are trading 14 to 19 cents higher early morning. Soybean prices are also being supported by hot weather forecasts across the Midwest. Lack of rain over key production regions are propping up new crop prices. However, the market is considered overbought and may see bouts of speculative selling.
Wheat futures are trading 5 to 9 cents higher early morning. Wheat futures are being pulled higher by strength in the corn and soybean markets. Higher outside markets and wheat reductions in the Black Sea regions are also lifting prices. However, the higher dollar index may cap market gains.
Cattle futures are called to open mixed this morning. The market is called to open uneven on lackluster trade in the cash market last week and waning beef demand. Beef prices tanked last week with both choice and select down $1.46 and $2.24 respectively. However, look for prices to see support on follow through buying.
Lean hog futures are called to open slightly mixed this morning. The market is expected to open choppy this today. Following through buying from last week’s gains will support prices on one hand, while slowing momentum in the cash market will pressure market prices on the other. Trade in the cash market is called steady to lower.
Cotton futures are trading mixed but mostly higher early morning. The market is trading uneven on slight profit taking and weather worries. Weather concerns across the southwest and southeast U.S. are supporting market prices this morning.