Corn futures are trading lower this morning. Corn futures turned lower following the decline in both the wheat in soybean markets. However, calls for hot and dry weather in the U.S. Midwest and concern about stress in the new-crop corn are still providing the market support. USDA crop progress report showed corn 97 percent planted and 77 percent good to excellent.
Soybean futures are trading mixed this morning. Soybean futures declined in overnight trading, giving back some of yesterday’s gains. Dry weather and rising temperatures forecasted in parts of the U.S. Midwest are expected to lend support to prices. Currently, export demand for soybeans remains strong, which will limit losses. USDA’s crop progress reported soybeans as 76 percent planted, up from 46 percent the previous week.
Wheat futures are trading mixed this morning. Prices declined as the market reacted to calls for timely rains in Russia. Prices in both the CBOT and KCBT declined while MGE is trading slightly higher. Dry weather forecasts in the US Plains is still anticipated over the next 10 days, which may give prices a boost. Yesterday’s crop progress report rated Kansas hard red winter wheat crop 43 percent good to excellent, down 9 percent from the previous week.
Cattle futures are called to open higher. Cattle futures are rebounding after a significant decline on the close yesterday. Improved beef cutout prices are supporting the market. Choice was up more than $2 while select was down slightly. Trade is the cash market is expected to be quiet today, with preliminary asking prices of $125 in the South and $197 in the North.
Lean hog futures are called to open lower. Hogs futures continue to see added pressure from weak demand for pork products. Packer margins remain negative as packers are unsure about seasonal demand strength. Currently, trade in the cash market is light, with prices expected to be steady to 50 cents higher.
Cotton futures are trading lower this morning. Choppy trade characterized the cotton market in the overnight session. Fundamentals of the market remain bearish, but losses will be limited by forecasts of dryness in parts in Texas and Georgia.