Corn futures are trading mixed to mostly lower. The July contract is holding steady as old crop corn supplies tighten. New crop contracts are lower as parts of the U.S. Midwest saw much needed rains over the weekend. The dollar index is down relative to the euro and should lend support to market prices. Today’s crop progress report is expected to show a decline the new crop corn conditions.
Soybean futures are trading 5 to 7 cents higher. Bullish market fundamentals and a weak dollar index are underpinning prices. Higher outside market conditions are pushing prices up as well. Deferred contracts are trading slightly lower as the U.S. Midwest and Southeast received needed rains over the weekend.
Wheat futures are trading 4 to 7 cents higher. Wheat futures are up on short covering and the declining U.S. dollar index. Prices are seeing support as weekend rains over portions of the U.S. Midwest and Plains will slow winter wheat harvest. The winter wheat harvest was progressing very quickly with 20% reported as harvested in last week’s crop progress report.
Cattle futures are anticipated to open higher. Prices are expected to open higher on continued strength in the cash markets. Weakness in the dollar index and better outside market conditions will be favorable for prices. However, the market may be met with initial resistance as beef prices continue to slide.
Lean hog futures are called to open higher. Hog futures are expected to open the session higher as pork prices rebounded from last week’s losses. Steady to firm bids in the cash market should lend support to prices also. Improved outside market conditions and tight supplies should strengthen prices.
Cotton futures are trading 10 to 150 points higher. Cotton futures are trading higher as traders look to cover short positions in the market. A declining dollar index, which makes cotton more attractive to buyers, is also boosting futures. However, prices should see some pressure from favorable weather in parts of western Texas and the southeast U.S.