futures are called 2 to 3 cents lower. Overnight trade at 6:30 am CDT was 2 1/2
to 3 cents lower. The market is giving back some of the gains posted yesterday
in overnight trade. Outside market pressure and positioning ahead of the
Supply/Demand report due out Friday morning are weighing on futures. Dow Jones
futures and crude oil were trading lower overnight. But losses could be limited
by commercial buying if the talk of China buying U.S. corn is true.
futures are called 1 to 2 cents lower. Overnight trade at 6:30 am
CDT was 3/4 to 1 3/4 cents lower. Commercial buying and short-covering have
helped rally futures recently, but the market traded slightly lower overnight.
Strength in the dollar and improved harvest weather in Brazil are negative
factors for the U.S. export market. Positioning ahead of the Supply/Demand
report due out on Friday morning is expected to weigh lightly on futures today.
futures are called 4 to 5 cents lower. Overnight trade at 6:30 am CDT was 4 1/4
to 4 3/4 cents lower at the CBOT, 4 1/2 cents lower at the KCBT and 3 to 3 1/2 cents
lower at the MGE. Bearish fundamentals and strength in the dollar are expected
to weigh on the market. The market turned higher on Wednesday on a
short-covering rally, but there was no follow-through strength overnight. Traders
will be positioning ahead of the Supply/Demand report due out Friday morning. The
weekly export sales report could provide some direction. Pre-report trade
estimates range from 7-22 million bushels.
futures are called steady to mixed. With cash trade largely done for the week,
futures trade is expected to be choppy. Boxed beef prices were mixed on
Wednesday, with choice cutouts down slightly. Reports that retailers are
short-bought going into the grilling season will be a supportive factor on
ideas that beef prices could move even higher.
Lean hog futures are
called steady to mixed. Poor packer margins are expected to keep cash bids
steady or even move lower today. Cash prices were lower on Wednesday, but pork
cutouts were able to move 79 cents higher yesterday. Further strength in the dollar
overnight is a bearish factor for pork cutouts.