Grains under pressure on Tuesday
Corn futures are trading lower this morning. Corn prices are easing this morning on spillover pressure from the other grain markets as well as rapid harvest progress. Yesterday’s crop progress report showed corn 54 percent harvested, up 15 percentage points from the previous week.
Soybean futures are trading 22 cents lower this morning. Soybean futures extended Monday’s losses into the globex overnight trading session. The record advancement of this year’s soybean crop is weighing heavily on futures. USDA reported soybean harvest at 41 percent complete, up 19 percentage points from the previous week. Expectations for a large soybean crop from South America are also adversely affecting the market.
Wheat futures are trading 10 to 12 cents lower this morning. More forecasts for rain across the U.S. plains states are pulling wheat futures lower across all exchanges, especially at KCBT. These timely rains are expected to increase soil moisture levels and boost plantings. USDA’s crop progress report showed winter wheat 40 percent planted and 12 percent emerged.
Live cattle futures are called to open mixed this morning. Cattle futures are expected to open on both sides of the market supported by cash trade expectations but pressured by profit taking and continued weakness in wholesale beef markets. Monday’s closing beef prices were mixed with select posting a moderate decline of $1.23. However, prices may see added support if hog futures experience another session of breakout trade.
Lean hog futures are called to open higher this morning. Futures are anticipated to open pit trade higher on spillover buying from yesterday’s impressive rally and cash market strength. However, the recent downturn in the corn market may add slight pressure to deferred contracts.
Cotton futures are trading lower this morning. Cotton futures are trading lower due to lack of supportive fundamentals. Yesterday the market pulled higher on technical buying after a day of volatile trade. However, harvest pressure has sparked slight sell offs. USDA reported cotton at 14 percent harvested versus 10 percent the previous week.
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