Corn futures are called 6 to 7 cents higher. Overnight trade at 6:45 am CT was 6 1/2 to 7 cents higher. The market has rallied off the losses posted on Thursday. Further weakness in the dollar overnight and spillover support from wheat are helping push futures higher. Dry weather in Argentina is raising concern about the crop. Argentina is the second largest corn exporter after the U.S.
Soybean futures are called 4 to 5 cents higher. Overnight trade at 6:45 am CT was 4 1/4 to 4 3/4 cents higher. Strong demand, further weakness in the dollar overnight and spillover support from wheat are helping to rally futures. Weekly export sales and shipments reported on Thursday morning remained very strong. Dry weather in Argentina is also raising concern about soybean production in South America. Forecast call for mostly dry and above average temperatures for the next several days.
Wheat futures are called 18 to 21 cents higher. Overnight trade at 6:45 am CT was 20 1/2 to 21 cents higher at the CBOT, 18 3/4 to 19 cents higher at the KCBT and 16 3/4 to 17 3/4 cents higher at the MGE. Weakness in the dollar and continued dry conditions in the western Plains are supporting the futures market. Winter wheat crop condition ratings remain low and there is no significant rainfall forecast for the western Plains over the next week to ten days. Poor conditions for Russia’s winter wheat seeding and rainfall that is damaging the crop in eastern Australia are also bullish factors.
Cattle futures are called steady to mixed in choppy trade ahead of the weekend. The market rallied to the highest level in two years this week before profit-taking pushed prices lower yesterday. Cash cattle trade was up again this week, topping at $104 in some areas. Boxed beef prices have been moving higher and choice cutouts were up 61 cents higher on Thursday.
Lean hog futures are called steady to higher. Cash markets were mostly steady on Thursday, but pork cutouts rebounded $1.78. With market ready hog supplies expected to begin tightening seasonally, strength in pork prices could help the cash market strengthen next week. Further weakness in the dollar overnight is supportive for pork exports.
Cotton futures are trading sharply higher. Speculative buying is helping to rally the market again on strong demand for cotton and the outlook for very tight stocks. Strength in China’s cotton futures have provided spillover support for U.S. cotton prices. At 6:30 am CT, March cotton was 407 points higher at 130.41 cents and May was 405 points higher at 125.55 cents.