Grain prices higher Thursday morning
Corn futures are trading higher this morning. The market is relatively quiet this morning with no fundamental price moving news to provide direction. Prices were strengthened by firm gains in the wheat market yesterday and are likely experiencing that same support this morning. Weekly export sales are expected to be subpar once again this week with could possibly pull futures lower.
Soybean futures are trading higher this morning. Soybean futures have rebounded after a rough day of trade on Wednesday. The markets in the soy complex are up on short covering and firm export demand enthusiasm. Weekly export sales are expected to be bullish for the market today.
Wheat futures are trading higher this morning. Global supply concerns as well as the condition of the domestic winter wheat crop are helping to support futures across all three exchanges. Futures climbed over 3 percent on these concerns on Wednesday. However, sluggish demand for U.S. went continues to burden the market.
Live cattle futures are called to open lower this morning. Residual selling and lack of direction in the cash market are expected to pressure futures at the open of pit trade. Demand remains a concern as traders keep an eye on the impending winter storm heading towards the east coast. In regards to cash trade, prices are steady at best versus the previous week.
Lean hog futures are called to open mixed this morning. Triple digit gains in the market on Wednesday may have been a bit overdone, especially since the market fundamentals were not a contributing factor. Cash prices have been a bit unstable this week, which is likely to limit gains. Look for futures to trade unevenly as trader’s bank profits.
Cotton futures are trading higher this morning. Market short covering is supporting prices this morning. So far this week, the cotton market has exhibited a distinct trend of trading higher before midday but closing the session below unchanged. Sporadic trade in the market is attributed to tomorrow’s November WASDE report where the trade is expecting global and domestic ending stocks to be raised.