Corn futures are called 1 cent lower. Overnight trade at 6:30 am CDT was 3/4 to 1 cent lower. Weakness in crude oil and Dow Jones futures and strength in the dollar are expected to weigh lightly on the market. The weekly export sales report will be released this morning and shipments need to be above 45 million bushels to stay on pace to reach USDA’s export forecast. More rainfall over the Corn Belt is generally bearish as most corn planting progress is well ahead of normal.
Soybean futures are called 2 to 3 cents higher. Overnight trade at 6:30 am CDT was 2 1/4 to 3 1/2 cents higher. Rumors that China switched up to five cargoes of soybeans from South America to the U.S. will be supportive. Rain in the Midwest will slow planting progress, but will be beneficial for the already emerged crop. Outside markets could limit gains in the futures market as the dollar was higher and gold and crude oil lower overnight.
Wheat futures are called 1 to 2 cents lower. Overnight trade at 6:30 am CDT was 1 3/4 to 2 1/4 cents lower at the CBOT and 1 3/4 to 2 cents lower at the KCBT. Strength in the dollar overnight and bearish fundamentals are expected to weigh lightly on the futures market. Export demand remains sluggish amid abundant world wheat stocks. The weekly export sales report will be released this morning and shipments need to average about 33 million bushels to stay on pace to reach USDA’s export forecast.
Cattle futures are called lower on the open. Expected weakness in the stock market and bearish cash fundamentals will weigh on futures. Light cash trade developed in Nebraska at down $6-$7 on a dressed basis. Earlier in the week, trade developed in Kansas down $2 on a live basis. Boxed beef prices have turned lower, with choice cutouts down 97 cents and select cut $1.32 lower on Wednesday.
Lean hog futures are called lower. Outside financial market pressure and weakness in pork cutouts and the cash market will weigh on futures. Pork cutouts were down $2.30 on Wednesday. Losses in futures could be limited by the news of China buying U.S. pork and ideas that seasonal summer demand will limit losses in pork cutouts and the cash market.