Corn futures are trading mixed this morning. The economic situation in the European Union is once again weighing on market prices as investors look to sell their long positions across commodity markets. The value of the U.S. dollar is appreciating, adding additional weight on prices. However, the demand/supply of old crop corn remains a bullish factor.
Soybean futures are trading lower this morning. Soybean futures declined in overnight trade as outside market factors and an appreciating dollar weighed on the market. The economic situation in the EU has investors looking to liquidate their long positions in commodity markets. Prices are seeing added pressure as calls for rain across the U.S. Midwest weigh on the market.
Wheat futures are trading lower this morning. Wheat prices continue to fall as the market reacted to calls for timely rains in Russia and the U.S. on yesterday. The rise in the U.S. dollar index along with outside market pressures concerning Greece and the economic stability of the European Union's is also affecting the market adversely.
Cattle futures are called to open lower. Cattle futures are expected to open lower on profit taking and uncertainty in the cash market. Minimal trade has been reported in the cash market thus far, however, trade is expected to pick up in the latter part of the week with preliminary asking prices expected to be $125 in the South and $197 in the North.
Lean hog futures are called to open lower. Hogs prices continue to struggle as pork cutout value declined more than $2 on yesterday. Added pressures from weak demand and higher than expected stock piles of frozen pork is also depressing market prices. As packers are unsure about seasonal demand strength, trade in the cash market is expected to be steady to lower.
Cotton futures are trading lower this morning. Cotton futures continue to trade low after closing limit down on Tuesday. The fundamentals of the market remain bearish, while the increasing dollar value weighs on the market.