Corn futures are trading mixed to mostly lower. Corn futures are lower after a rally in the overnight session on weather concerns. However, the euro zone debt crisis continues to weigh down market prices. Prices should see some support as the dollar index is down and calls for rain over the U.S. Corn Belt has decreased.
Soybean futures are trading 1 to 2 cents lower. Soybeans futures along with corn futures showed initial signs of improvement in early morning trade as dry weather concerns in the Midwest moved to the forefront. Gains were short lived as the debt crisis in the EU continues to loom over the market. Demand for U.S. soybeans is firm and should lend support to futures prices.
Wheat futures are trading 2 to 5 cents lower. Wheat prices are down for the third consecutive day. Rains in Russia and Australia dragged prices down followed by ongoing pressure from outside markets. The downgrade of the Spanish banking system, economic slowdown in China, and the euro zone debt crisis continue to weigh on the market. However, the weak dollar index should lend support to the market.
Cattle futures are called to open lower. Cattle prices experienced sharp declines on the close yesterday and pressure from outside markets are expected to weigh cattle prices down on the open. Prices should see support as boxed beef prices continue to increase and trade in the cash market is expected to improve.
Lean hog futures are called to open higher. Hog futures displayed a stronger showing yesterday amid weakness in outside markets. Hog prices are expected to open higher as the pork cutout value was up by almost $2 on Wednesday.
Cotton futures are trading mixed this morning. Cotton futures closed down at a 2 1/2 year low on Wednesday. Cotton futures are down as a result of the continued euro zone debt crisis. Prices are also seeing pressure from the economic slowdown in China.