Corn futures are called 7 to 10 cents lower. Overnight trade at 6:45 am CT was 7 1/2 to 10 1/4 cents lower. Fund selling and the lack of supportive news for old-crop futures are weighing on the market. New-crop was pulled lower overnight despite planting delays and concerns about more wet weather forecasts for the eastern Corn Belt. Losses are expected to be limited by weakness in the dollar and strength in crude oil futures.


 


Soybean futures are called 15 to 18 cents lower. Overnight trade at 6:45 am CT was 15 1/2 to 17 3/4 cents lower. The weak tone in the market continued overnight. Traders will be watching for news from the Federal Reserve meeting this morning, which has made commodity traders nervous due to inflation concerns. Weakness in the dollar index has been a supportive factor for soybeans. New-crop has traded lower on ideas that corn planting delays could eventually lead to additional soybean acreage.


 


Wheat futures are called 5 to 15 cents lower. Overnight trade at 6:45 am CT was 13 3/4 to 15 1/2 cents lower at the CBOT, 8 3/4 to 10 1/2 cents lower at the KCBT and 4 1/2 cents lower at the MGE. The market is under pressure due to spillover weakness from corn and soybeans, with the CBOT leading the losses. The KCBT and MGE are lower as well, but losses are being limited by the dry conditions in the southern Plains and the poor HRW condition rating while cool and wet weather in the northern Plains is delaying spring wheat planting.


 


Cattle futures are called steady to mixed. Cash trade has been lower this week, although that has already been factored into the futures market. Live trade has mostly been $117, down $2 from last week. Dressed trade in Nebraska was down $4-$5 from last week. Losses could be limited by outside markets. The stock market has been strong recently, but traders will be watching the Federal Reserve announcement this morning for direction.


 


Lean hog futures are called steady to lower. Follow-through selling from the losses on Tuesday and the weak tone in the cash market are expected to weigh on futures. Technical selling and increasing amounts of pork in storage are bearish factors. At the end of March, pork stocks were up 12% from year-ago levels. There is concern that high pork prices will slow demand.


 


Cotton futures are sharply lower this morning. Caution ahead of the Federal Reserve’s policy meeting is weighing on the market. The Fed is not expected to raise interest rates given the uncertainty about the U.S. economy, but talk of inflation is making commodity traders nervous. At 6:30 am CT, July is 599 points lower and December is 294 points lower.