Grains trading quietly midweek
Corn futures are trading slightly lower this morning. U.S. corn harvest continues to move along at a rapid pace. Yesterday’s crop progress report showed corn 69 percent harvested, one percentage point shy of try expectations. Prices are expected to trade quietly as the trade awaits USDA’s October WASDE estimates. Pre report trade estimates peg the average production of the 2012 corn crop at 10.601 billion bushels, 126 million bushels below the September estimate.
Soybean futures are trading lower this morning. Soybean futures are trading lower for the third consecutive session on better than expected crop outlook and pre-report (USDA WASDE) position squaring. Pre report trade estimates forecast soybean production at 2.759 billion bushels with an average yield of 37.006 bushels per acre. Both estimates are above USDA’s September forecast. The market is also being pressure by speculative talk of huge soybean acreages in South America.
Wheat futures are trading higher this morning. Wheat futures are leading the grain complex this morning, adding to gains despite the higher dollar index and the quickly advancing winter wheat harvest. Prices continue to see support from global supply worries as Australian and Russian wheat production is expected to be reduced significantly in tomorrow’s WASDE report. However, prices could move lower if the other grain markets begin to tumble.
Live cattle futures are called to open higher this morning. Improvement in wholesale beef prices and follow through buying in the cattle complex are expected to support cattle futures on the open of pit trade. Although packer margins remain in the red, margins have improved since earlier in the week. Cash trade has yet to develop but prices are expected to be steady versus the previous week.
Lean hog futures are called to open higher this morning. Hog futures are anticipated to open higher on renewed strength in the pork carcass value and spillover buying after yesterday’s moderate gains. Cash hog prices are expected to rebound and should provide additional support for the market.
Cotton futures are trading lower this morning. Cotton futures are mostly lower with slight support in the March 2013 contract. Futures are expected to trade quietly as traders square positions ahead of tomorrow’s October WASDE estimates. The report is expected to be bearish for the market.
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