Corn futures are trading slightly higher early morning. Futures prices remain higher, tied to buying support of further damage to the corn crop by Hurricane Isaac. However, prices may see slight pressure as wheat and soybean futures pull back. Bearish weekly export sales are anticipated to weigh on futures as well.
Soybean futures are trading 2 to 3 cents lower early morning. Soybean futures are lower, but well above overnight session lows. Prices opened overnight trade on the defensive on profit taking after yesterday’s sharp rally in prices. Weekly export sales are expected to be bullish for the market.
Wheat futures are trading lower early morning. Weekly export sales are anticipated to be neutral to slightly bearish for the market, but the trade will be more focused on the situation in Russia. Traders are anticipating Russia to cut back or impose some form of restriction on exports due to poor production this year.
Live cattle futures are called to open mixed this morning. Cattle futures experienced and impressive rally on yesterday posting firm triple digit gains. Today’s trade is anticipated to open slightly lower pressured lackluster beef prices and uncertainty in the cash market. Yesterday’s beef prices were reported down $1 for both choice and select cuts. Although asking prices are steady with last week’s, traders are uncertain of the direction of this week’s cash trade.
Lean hog futures are called to open lower. Hog futures are expected to open pit trade lower on generally bearish fundamentals. Hog slaughter and supplies continue to increase while prices and demand are steadily declining. Trade in the cash market is called 50 cents to $1 lower today.
Cotton futures are trading higher early morning. Cotton futures continue to trade higher as traders await the damage caused to southern cotton crops from Hurricane Isaac. However, since making landfall Hurricane Isaac was downgraded to a tropical storm which may not be as damaging as expected.