Corn futures are trading higher this morning. Corn futures firmed overnight on market consolidation after days of volatile days. Prices jumped last week on bullish estimates contained in the October WASDE, only to decline the subsequent two sessions. Buying interest increased on Tuesday as traders and investors took advantage of lower prices. December corn futures are trading 4 ½ cents higher.
Soybean futures are trading higher this morning. The market is showing slight signs of recovery at this hour. The market held firm gains most of the trading session on yesterday before weakness in the soymeal markets pulled soybean futures lower. Yesterday’s export sale to China coupled with the lower dollar should support futures. November soybean futures are trading 2 ¼ cents higher.
Wheat futures are trading higher this morning. Wheat futures are exhibiting strength at this hour. Prices are being supported by the lower dollar index and higher outside markets. However, lack of fresh news and supportive fundamentals will make the market more vulnerable to selloffs if the direction of the dollar index and other grains moves lower. December corn at CBOT is trading 4 ¾ cents higher.
Live Cattle futures are called to open higher this morning. Futures are expected to trade even higher at the opening of the pit due to continued strength in the wholesale beef market. Wholesale beef prices were reported over $1 higher for both choice and select cuts. However, futures may be met with pressure as traders look to secure profits and square positions ahead of Friday’s cattle on feed report.
Lean hog futures are called to open mixed this morning. Hog futures are anticipated to open uneven as the trade searches for market direction. Grain prices are rebounding at this hour, which should provide support to the deferred contracts. Cash prices are called steady to higher for today’s trading session.
Cotton futures are trading lower this morning. Cotton futures are trading marginally lower after and impressive rally on yesterday. Futures (Dec.) jumped 228 points yesterday on concerns pertaining to quality. However, this morning’s descend is primarily a result of profit taking. Look for the lower dollar index to limit downside momentum.