Corn futures are called 16 to 17 cents higher. Overnight trade at 6:45 am CT was 16 1/4 to 17 cents higher. Weakness in the dollar sparked a rally in commodity prices overnight. News of a European Union bailout for Ireland drove overseas and Dow Jones futures stock markets higher overnight. Gains could be limited by what is expected to be a bearish weekly export sales report. Pre-report estimates range from 20-28 million bushels, with 26.3 million bushels needed to stay on pace to reach USDA’s export projection.


 


Soybean futures are called 25 to 30 cents higher. Overnight trade at 6:45 am CT was 26 3/4 to 30 3/4 cents higher. The market has rebounded sharply overnight from the recent sell-off. Weakness in the dollar sparked a rally in commodity prices overnight. News of a European Union bailout for Ireland drove overseas and Dow Jones futures stock markets higher. Strong weekly export sales are expected to be reported again this morning. Trade estimates range from 29-40 million bushels. Only 11.1 million bushels are needed to stay on pace to reach USDA’s export forecast.


 


Wheat futures are 20 to 25 cents higher. Overnight trade at 6:45 am CT was 23 1/2 to 24 1/2 cents higher at the CBOT, 23 1/2 to 24 cents higher at the KCBT and 19 3/4 to 22 cents higher at the MGE. The sharp sell-off in the dollar and spillover support from corn and soybeans are supporting futures trade. The weakness in the dollar was sparked by news of a European Union buyout for Ireland. The weekly export sales report due out this morning is expected to range from 15-22 million bushels. Sales need to average 16.7 million bushels per week to reach USDA’s export forecast.


 


Cattle futures are called steady to mixed. Cash trade has developed this week at mostly steady money. Live trade was $98-$98.50 and dressed was $156-$157. With the smaller slaughter next week due to Thanksgiving, packers will need less inventory. Weakness in the dollar overnight is favorable for beef exports. Boxed beef prices were higher yesterday, but supplies are moderate to heavy while demand typically slows Thanksgiving week.  


 


Lean hog futures are called steady to lower. Pork cutouts were down 87 cents on Wednesday and cash markets were steady to lower. With packers having needs mostly covered for the week, steady to lower cash bids are expected again today. However, losses could be limited by ideas that slaughter weights have peaked. In addition, outside markets were supportive overnight. Weakness in the dollar will be favorable for pork exports.


 


Cotton futures are trading sharply higher. News of a European Union bailout for Ireland drove overseas and Dow Jones futures stock markets higher overnight and pushed the U.S. dollar lower. The rally in commodities has helped cotton bounce from the recent sell-off. At 6:30 am CT, December cotton was 399 points higher at 132.89 cents and March was 435 points higher at 128.50 cents.