Corn futures are called 1 to 2 cents higher. Overnight trade at 6:45 am CT was 1 1/2 to 2 cents higher. The market is trading higher overnight, but choppy trade ahead of the holiday break is likely. The market is being underpinned by short-covering and concerns about dry weather in some corn growing areas of Brazil and Argentina. Improved export sales last week, strength in Dow Jones futures and weakness in the dollar index overnight are also supportive factors.
Soybean futures are called 4 to 5 cents higher. Overnight trade at 6:45 am CT was 4 to 4 1/2 cents higher. The soybean market will attempt to trade higher for the seventh consecutive session today. The rally is being driven by short-covering and worries about dry areas in parts of South America stressing the soybean crop. However, light volume trade ahead of the extended holiday weekend could lead to a choppy market.
Wheat futures are called 2 to 3 cents higher. Overnight trade at 6:45 am CT was 2 3/4 to 3 1/4 cents higher at the CBOT, 2 3/4 cents higher at the KCBT and 2 3/4 cents higher at the MGE. Weakness in the dollar index and short-covering are supporting the wheat market this morning. The CBOT rallied to its highest level in five weeks on Thursday. Gains will be limited by sluggish export demand and bearish global supply/demand fundamentals. Light volume trade ahead of the extended holiday weekend could lead to some choppy trade today.
Cattle futures are called higher on the open. Cash cattle trade developed in the North yesterday at as much as $6 to $10 higher on dressed basis than last week as cattle buyers were short-bought. Trade has yet to develop in the southern Plains, but higher prices are expected compared to last week. But futures gains could be limited by light volume pre-holiday trade.
Lean hog futures are called steady to mixed. Light volume trade is expected ahead of the extended holiday weekend and traders will also be gearing up for the Hogs and Pigs report due out today. The monthly Cold Storage report showed pork in storage up 1.3% from last month and 6% higher than last year. Cash trade is expected to be steady to lower in limited activity ahead of the shortened slaughter schedules next week.
Cotton futures are trading lower this morning. Futures are setting back slightly but are expected to remain in a trading range ahead of the extended holiday weekend. At 6:35 am CT March cotton was trading 34 points lower.