Wheat trading is mixed Friday morning

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Corn futures are trading lower this morning. Corn futures are giving back portions of yesterday’s gains on profit taking and export demand worries. The weekly export sales/shipments reports are scheduled to be released today and the trade is expecting the data to be bearish for the corn market. Exports sales are expected to fall between 100,000-350,000 metric tons.

Soybean futures are trading lower this morning. Soybean futures are easing back as the market prepares on profit taking and long liquidation. However, export sales are scheduled to be released this morning and are expected to be bullish for prices. The delayed plantings of the Argentine soybean crop due to heavy rains will lend support to prices as well.

Wheat futures are trading mixed this morning. Wheat futures at CBOT and KCBT are trading slightly above unchanged while MGE remains randomly mixed. Dry conditions and poor condition ratings for the forthcoming winter wheat crop are supporting prices but gains in the dollar index are limiting upside movement. Weekly export sales and shipments are expected to be bearish.

Live cattle futures are called to open lower this morning. Live cattle futures are expected to open on the defensive, pressured eroding boxed beef prices and cash market weakness. Thursday wholesale boxed beef cuts were reported at $1.27 lower for choice cutouts and $0.35 lower for select cutouts. Cash prices have been steady to lower and with packer margins being so unfavorable bids are not likely to improve.

Lean hog futures are called to open lower this morning. Residual selling and unsupportive fundamentals are expected to pressure hog futures at the opening of pit trade. Poor fundamentals coupled with lower cash prices will add downward pressure on futures.

Cotton futures are trading mixed this morning. Cotton futures are trading mostly lower given its bearish fundamentals and inability to break resistance. Cotton futures continue to trade very volatile without any fundamental reasoning. Export sales are expected to be bearish for prices.

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