Corn futures are called steady to mixed. Overnight trade at 6:45 am CT was 1/4 of a cent higher to 1/4 lower. Some consolidation trade is expected this morning after the market rallied to new 30-month highs yesterday. Fund buying has been strong, but the market is vulnerable to some long liquidation and profit-taking. Fundamentals remain supportive as demand remains strong and as crops are competing for acreage this spring.
Soybean futures are steady to mixed. Overnight trade at 6:45 am CT was 1 cent higher to 2 cents lower. The futures market remains in an uptrend, but choppy trade is expected this morning. Traders are looking for another strong weekly export sales report this morning. New sales to China have been reported this week. Tight ending stocks projections and the competition for acreage this spring will be supportive. However, the suspended port strike in Argentina and recent beneficial rainfall for the crop there will limit gains.
Wheat futures are called 3 to 5 cents lower. Overnight trade at 6:45 am CT was 3 3/4 to 5 1/2 cents lower at the CBOT, 3 3/4 to 4 cents lower at the KCBT and 7 1/2 to 8 1/4 cents lower at the MGE. Profit-taking is expected to weigh on wheat futures this morning after the strong gains on Wednesday. The tightening global supply of high-quality wheat and concern about winterkill in the western Plains are supportive factors. Export demand has picked up recently and traders expect weekly export sales to be in the 29-40 million bushel range.
Cattle futures are called lower on the open. The cash market has yet to develop this week. Ideas were for higher trade this week, but the premium of futures to cash and choppy boxed beef trade are expected to weigh on futures this morning. Cold and wintery weather is slowing beef consumption in the Midwest and Northeast.
Lean hog futures are called steady to lower. Pork cutouts were down 39 cents on Wednesday and cash markets were down about $1.50 on a national average. Spillover selling and long liquidation is expected to keep the futures market on the defensive. However, front end losses could be limited by tightening supplies of market ready hogs and the cold and wintery Midwest weather that is disrupting marketings.
Cotton futures are sharply higher this morning. Speculative buying and bullish fundamentals are keeping the market in the strong uptrend. At 6:30 am CT, March was 390 points higher at 180.12 and May was 440 points higher at 175.40 cents.