Soy steady, corn and wheat lower this morning
Corn futures are trading lower this morning. Corn futures edged higher during the overnight session on mimicking the trend in the soy complex; but as prices began to slip in the soybean market, corn futures turned lower. Harvest pressure and pre positioning ahead of the October WASDE are also weighing on futures. December corn is trading 1 ½ cents lower.
Soybean futures are trading slightly higher this morning. Soybean futures are holding firm although lightly, adding to yesterday’s gains on support from bullish exports and weather damage to the Canadian canola crop. Weekly export sales totaled approximately 1.3 tonnes, topping the higher end of trade expectations, indicating firm demand for U.S. soybeans. Soybean futures are trading 1 ¼ cents higher.
Wheat futures are trading 1 to 3 cents lower this morning. Wheat futures are under pressure at this hour with light losses across all three exchanges. Poor demand for U.S. wheat continues to limit any upside movement across contracts. However, forecasts calling for very low temperatures across the U.S. Plains and news that the current Russian wheat crop is the smallest crop since 2003 should spark renewed buying interest in the market.
Live cattle futures are called to open higher this morning. Cash developed Thursday afternoon with cash prices steady to $1 higher. Although cash trade is expected to be complete, more light trading action may take place today. The market should see support by way of good export sales. Weekly sales were reported at 15,800 tonnes, up 61 percent from the previous week.
Lean hog futures are called to open mixed this morning. Hog futures are expected to open uneven, supported by the jump in the pork carcass value and steady to higher cash prices. However, follow through selling and easing grain prices may pull futures (deferred) contracts lower.
Cotton futures are trading lower this morning. The front month (December) contract is currently trading 69 points lower. Continued residual selling after futures hit a 100 day moving average yesterday is still affecting the market. The dollar index is higher and is expected to keep prices trading defensively throughout the session.