Corn futures are trading 20 to 16 cents lower early morning. Corn futures are trading sharply lower on pressure from lower outside markets, lower crude oil markets, and a higher dollar index. Weather remains a bullish factor for the market as forecasts predict extended days of hot dry conditions across the Corn Belt. Prices should see support as the trade is expecting to see further declines to corn’s crop condition ratings today.
Soybean futures are trading 37 to 38 cents lower early morning. Soybean prices collapsed at the onset of the overnight session after hitting record highs due to pressure from outside markets and non commercial long liquidation. The market anticipates this afternoon’s crop progress report, where the trade expects to see continued deterioration to 2012 soybean crop due to the worst drought in over 50 years.
Wheat futures are trading 24 to 29 cents lower early morning. Wheat prices are feeling the same pressures as the other grain markets during early morning trading. Non-commercial long liquidation, lower outside markets, and a surging dollar index sent wheat prices on a downward spiral in the overnight session after posting records highs last week. However the market will be supported as global wheat production estimates continue to decline due to unfavorable weather conditions.
Live cattle futures are called to open mixed this morning. Cattle futures are anticipated to open uneven on outside market pressure and lower wholesale beef prices. Lower cash prices are also expected to weigh on the market today. Prices should see support from weakness across the grain markets and lower than expected cattle at feedlot inventories.
Lean hog futures are called to open mixed this morning. Prices are expected to begin the trading session on the soft side. Cash prices are expected to be steady to lower which will weigh on futures. Lower outside markets will also be bearish for prices. However, the downturn across the grain markets will be friendly for market prices.
Cotton futures are trading 100 points lower early morning. Cotton futures are tumbling early morning on profit taking. Prices are also being pressured by lower outside markets and the higher dollar index.