Corn futures are called 3/4 to 2 cents lower. Overnight trade at was 1/4 to 1 1/4 cents lower. Corn prices turned slightly lower in overnight trading. Strong cash basis and tight corn supplies in China will support the market. China expects 2012/13 corn imports to rise to 6 million tonnes, up from the 2011/12 estimates of 5.5 million tonnes.
Soybean futures are called 3 to 6 cents higher. Overnight trade was 5 1/4 to 8 1/2 cents higher. Soybean prices turned higher as global stocks are expected to tighten further. Higher prices in the soybean oil market are encouraging soybean futures. USDA export sales for soybeans are expected to be over 1 million tonnes for the third week.
Wheat futures are called 1 to 3 cents higher. Overnight trade at was 1 1/4 to 1 3/4 cents higher at the CBOT, 2 1/4 to 3 cents higher at the KCBT, and 2 1/2 to 3 3/4 cents higher at the MGE. Futures traded up overnight on news that Russia is experiencing drought, which could be potentially damaging to the wheat crop. Forecasts of dry weather across the US Plains are supporting prices as well.
Cattle futures are called to open higher. Cattle futures remain strong despite bearish market conditions. Wholesale beef prices are down. Choice was down 63 cents and select was down $1.98. However, the USDA cattle on feed report is expected to show a decline in April placements of 11.6 percent lending support prices as traders adjust their positions in the market.
Lean hog futures are called to open lower. Hog futures turned lower overnight on as demand for pork loses steam and wholesale pork prices decline. The pork cutout value was down 31 cents at $81.93. However, cash hog prices are expected to remain firm at 50 cents to $1 higher this week, lending some support to prices.
Cotton futures are trading lower this morning. Cotton futures closed at a 20 month low on Wednesday. Over, supply fundamentals are bearish for the market. Outside market forces continue to weigh prices down as investors seek to sell off risky investments.