Corn futures are called 3 cents lower. Overnight trade at 6:30 am CDT was 2 3/4 to 3 1/4 cents lower. Strong planting progress this week and outside market weakness is expected to weigh on the market. While cooler temperatures are expected next week, mostly favorable planting conditions are expected until later next week. Strength in the dollar and weakness in crude oil overnight will add the pressure on the market.
Soybean futures are called 2 to 3 cents higher. Overnight trade at 6:30 am CDT was 2 1/2 to 3 1/2 cents higher. Follow-through technical buying is expected to support the market. Export demand remains solid for this time of year, which has helped keep cash markets firm. But gains are likely to be limited by the favorable harvest conditions for the record crops in South America. Strength in the dollar and weakness in crude oil and gold will also limit strength in futures.
Wheat futures are called steady to mixed. Overnight trade at 6:30 am CDT was steady to 1/4 cent higher at the CBOT, 1/2 to 3/4 cent lower at the KCBT and 1/4 cent lower at the MGE. Choppy trade is expected as noncommercial short-covering is countered by generally bearish fundamentals. Export sales and shipments are running below the pace needed to reach USDA’s export forecast. Abundant global wheat stocks will keep competition for export sales strong. Strength in the dollar overnight will also limit gains.
Cattle futures are called steady to higher in light trade. Cash trade is likely done for the week. Boxed beef prices were mixed on Thursday with choice cutouts up 22 cents and select down 22 cents. However, follow-through buying from the gains on Thursday and spillover support from hogs could help cattle futures trade higher.
Lean hog futures are called higher on the open. Pork cutouts shot up $2.81 on Thursday and cash prices have traded higher this week. Market ready hog supplies appear to be tightening as demand remains strong. However, futures gains could be limited by the premium of futures to the current cash market.