Corn futures are called higher on the open. Overnight trade was closed, but the market will open normally this morning. The market is expected to continue to find support from hot and dry weather in Argentina that is stressing the corn crop. Strength in Dow Jones futures overnight and strongly higher crude oil prices along with weakness in the dollar index are expected to be supportive for commodity markets this morning.
Soybean futures are called higher this morning. Overnight trade was closed, but the market will open normally this morning. Spillover support is expected to come from corn and the hot and dry weather in Argentina that will stress the soybean crop. Outside markets are expected to provide support. Dow Jones futures are strongly higher overnight and crude oil is posting big gains while the dollar index is lower.
Wheat futures are called higher on the open. Overnight trade was closed, but the market will open normally this morning. Weakness in the dollar index and spillover support from corn are expected to support wheat trade this morning. However, gains could be limited by ideas that export demand remains sluggish. USDA will release a new weekly export inspections number this morning and needs to be above 15 million bushels to be on pace to reach USDA’s export forecast.
Cattle futures are called steady to higher this morning. Cash trade developed late last week at steady to lower prices than the previous week. Showlists are expected to be larger this week following the holiday shortened slaughter schedules, but packers are believed to be short-bought. Strength in Dow Jones futures overnight and ideas that beef prices could find support from retailers restocking shelves this week could push futures higher this morning.
Lean hog futures are expected to open mixed. Pork cutouts were down 87 cents on Friday and cash markets are expected to be steady to lower this morning. However, the futures market could trade mixed on outside market support and ideas that pork prices could benefit from retailers restocking meat counters this week. Dow Jones futures are sharply higher overnight while the dollar index is lower.
Cotton futures are trading higher this morning. Outside markets are providing support. Dow Jones futures are strongly higher while the dollar index is trading lower overnight. At 6:30 am CT, March cotton was 60 points higher.