Corn prices are trading slightly higher this morning. Corn prices are trading slightly higher in quiet trade on spillover support from the soybean market. Gains are being limited by the rapidly advancing 2013 corn harvest. USDA reports that the 2013 corn crop is 39 percent harvested, up 13 percentage points from the previous week.
Soybean prices are trading 10 cents higher this morning. Soybean futures recovered overnight on bargain buying erasing portions of yesterday’s losses. Sharp declines over the last few trading session presents itself as an opportunity for traders to buy into the market cheaply. Although prices are trading well off recent high prices, the market still has more upside potential than down due to the tight supply situation.
Wheat prices are trading mixed this morning. Wheat prices are trading in a randomly mixed pattern this morning. Prices are seeing support by way of renewed buying interest in the soybean market but are also being pressured by the higher dollar index. Lack of fresh news makes the market more vulnerable to price swings in either direction.
Live cattle futures are called to open lower this morning. Cattle futures closed surprising lower on Monday after a bullish cattle on fed report. The market is expected to open lower on follow through buying, sluggish wholesale beef prices, and lack of direction in the cash market.
Lean hog futures are called to open higher this morning. Prices are expected to open moderately higher on spillover buying from yesterday’s impressive rally and continued strength in the cash market. Prices will see additional support from yesterday’s higher pork carcass value.
Cotton futures are trading higher this morning. Cotton futures are trading higher although prices are 17 percent lower than the previous year on overwhelmingly large global supply. The higher dollar index coupled with waning demand should limit any upside movement.