Corn futures are trading 1 to 5 cents lower. Corn futures eased lower overnight as parts of the U.S.Corn Belt received rain over the holiday weekend. Corn is also seeing added pressure due to profit taking as traders look to liquidate their long positions in the market.
Soybean futures are trading 7 to 10 cents higher. Soybean futures are trading higher despite the downturn in the other grain markets. Weather continues to be a significant factor in the market. Forecasts of extreme dryness and concern about damage to soybeans crops are lending support to futures prices.
Wheat futures are trading 11 to 12 cents lower at the CBOT, 7 to 8 cents lower at KCBT, and ½ to 1 cent lower at MGE. The weather was bearish for the week market over the weekend. Wheat futures are being pressured by timely rains in Australia and the Black Sea Region over the holiday. It is expected that these rains could cut short damage from weeks of dry weather.
Cattle futures are called to open mixed. Beef prices tumbled on Friday, with choice down 93 cents and select down $1.38. Trade in the cash market is expected to be steady with an increase in demand as retailers seek to restock their shelves after Memorial Day.
Lean hog futures are called to open mixed. Hog futures are expected to open mixed after closing higher in the last trading session. The market situation remains bearish for prices. However, expectations for a higher slaughter numbers this week will support the market.
Cotton futures are trading 30 to 70 points higher this morning. Cotton futures are seeing a slight recovering from the previous trading session. Weather remains an important factor for the market also. Parts of Georgia received rains over the weekend; however, there still remain calls for extreme drought in western Texas.