Bargain buying lifts grain futures

Corn futures are trading higher this morning. Corn futures moved higher during the overnight session on bargain buying after a tough day of trade on Monday. Yesterday's crop progress report showed corn harvest at 79 percent complete, one percentage point below expectations but still moving at an exceptionally rapid pace. December corn is trading 8 cents higher.

Soybean futures are trading higher this morning. The soy complex is rebounding from sharp losses over the last two trading sessions. Overnight price support was a result of bargain buying and trading optimism the export demand will soon pick up. Yesterday's crop progress report showed soybean harvest at 71 percent complete, on target with trade expectations. November soybeans are trading 14 ½ cents higher.

Wheat futures are trading higher this morning. Wheat futures are showing marginal improvement at this hour. Futures are garnering strength as the other grain markets advance and on the downturn in the dollar index. However, gains may be short lived due to poor export demand for U.S. wheat. December wheat at CBOT is trading 8 ½ cents higher.

Live cattle futures are called to open higher this morning. The firm increase in wholesale beef prices is expected to boost cattle futures at the opening of pit trade. Closing prices were $2.28 cents higher for choice cuts, while selected cuts jumped $1.85. Traders remain optimistic concerning this week's cash trade, with preliminary prices steady to higher than the previous week.

Lean hog futures are called to open mixed this morning. Hog futures are expected to open under pressure on following through selling however, higher grain prices should offset losses in the 2013 prices. Cash price momentum is slowing however the pork carcass values remains strong and should support futures.

Cotton futures are trading higher this morning. Cotton futures are extending gains after an impressive rally on Monday, bucking pressure from the weak fundamentals of the market. Prices are being supported by speculative buying and the lower dollar index. December cotton is trading 104 points higher.


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