Wheat rebounds, corn and soy under pressure
Corn futures are trading lower this morning. Corn futures are trading quietly lower this morning as the trade awaits the October supply and demand report scheduled to be released this Thursday. Prices are also pressured by the rapidly advancing corn harvest. December corn is trading 6 ½ cents lower.
Soybean futures are trading lower this morning. Soybean futures are leading the grain complex lower, posting double digit losses at the time of this writing. Expectations for better than expected production output and yield estimates by one private economics firm continues to weigh on the market. However, firm demand for soybeans and soy products should limit losses. November soybeans are trading 10 ½ cents lower.
Wheat futures are trading higher this morning. Wheat futures are moving higher after suffering firm losses on Friday. Poor weather conditions in Australia are supporting prices this morning as traders expect USDA to reduce global ending stocks further. Australian wheat production in projected to decline by more than one million tonnes. Chicago wheat (Dec) is trading 2 cents higher, KCBOT is trading 2 cents, and MGE is trading 1 ½ cents higher.
Live cattle futures are called to open lower this morning. Cattle futures closed last week higher on strength in the cash market despite sharp losses in wholesale beef prices. Consequently, prices are expected to open pit trade under pressure from tumbling beef prices. Choice is reported $1.36 lower while select is down $1.45 cents.
Lean hog futures are called to open mixed. The October contract is set to expire this week and is expected to continue to trade lower as traders exit their long positions and spread them over deferred contracts. Packer margins and demand remained firm which should help to underpin market prices, however weakness in the pork carcass value may pull prices lower.
Cotton futures are trading higher this morning. Cotton futures are rebounding from steep losses on speculative short covering. Upward momentum may be short lived as the dollar index gains strength and the market braces for USDA’s October WASDE report. The report is expected to be bearish for cotton.
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