Corn futures are called 3 to 4 cents lower. Overnight trade at 6:45 am CT was 3 to 3 1/2 cents lower. Some profit-taking from the rally on Wednesday and ideas of sluggish export sales to be reported in the weekly export sales report are weighing on the market. Trade expectations for weekly commitments range from 26-33 million bushels. Losses will be limited by light pressure on the dollar and ideas that dry weather in Argentina will trim crop production prospects.
Soybean futures are called 7 to 8 cents lower. Overnight trade at 6:45 am CT was 7 1/2 to 7 3/4 cents lower. The market is lower overnight on profit-taking from the sharp gains on Wednesday. But expectations for strong weekly export sales, dry weather concerns in Argentina and the lower dollar index overnight will help limit losses. Trade estimates for the weekly export sales report range from 37-44 million bushels.
Wheat futures are called 5 to 8 cents higher. Overnight trade at 6:45 am CT was 5 3/4 to 7 3/4 cents higher at the CBOT, 6 1/4 to 7 3/4 cents higher at the KCBT and 5 1/2 cents higher at the MGE. The market is extending the strong rally yesterday amid further weakness in the dollar overnight and continued dry weather in the western Plains. Weekly export sales have picked up in recent weeks and trade expectations range from 20-24 million bushels. The market was encouraged by reports yesterday that Egypt had purchased some U.S. wheat.
Cattle futures are called steady to higher. Cash trade has been higher this week with reports of $104 trade in Texas, the highest level since 2003. Boxed beef prices were firm on Wednesday with choice cuts up 30 cents and select cuts up $1.28. However, with futures at or near contract highs, some profit-taking could limit gains or push prices lower.
Lean hog futures are called lower this morning. Cash prices turned lower on Wednesday. Pork cutouts fell another $1.30 yesterday. Technical selling is also expected to weigh on the market as the February contract has fallen below some support levels. Pork supplies remain large as slaughter is running about 2% ahead of year-ago and slaughter weights remain heavy.
Cotton futures are sharply higher this morning. Reports that India will restrict some cotton exports are supporting the market. Tight supplies and ideas of another strong weekly export sales report are pushing futures higher. At 6:30 am CT, March futures are 446 points higher at 125.80 cents and may is 404 points higher at 120.54 cents.