(AgProfessional) – Corn futures are trading 4 cents lower this morning. Corn futures drifted lower during the overnight session primarily due to profit taking and follow through selling. Traders continue to focus on declining production and yield estimates due to lack of fresh news surrounding the market.
Soybean futures are trading 2 cents lower this morning. Soybean futures tumbled overnight on profit taking after an impressive day of to trading on Tuesday. Prices are trading quietly below unchanged, but continued support by way of firm export demand should limit downside momentum.
Wheat futures are trading 2 to 5 cents lower this morning. The wheat market is becoming more bearish and the weeks go by. Prices were pressured during the overnight session on speculative selling and renewed strength in the U.S. dollar index. Lackluster demand for U.S. wheat is also hurting wheat prices.
Live cattle futures are called to open higher this morning. Market prices are anticipated to open the pit trade on the offensive supported by higher wholesale beef prices and expectations for higher cash prices. Closing beef prices were reported up 83 cents for choice and $1.23 cents higher for select. Cash trade remains quite although not unexpected due to the short week, but prices are expected to be steady to higher this week.
Lean hog futures are called to open lower this morning. Although nearby contracts closed surprisingly higher on yesterday, how futures are expected to open today’s trader marginally lower. The market prices lack support by way of supply and demand fundamentals, which will continue bring prices down. Futures are expected to be weighed down by lower cash prices and declining pork cutout value.
Cotton futures are trading mixed this morning. Nearby October is up while deferred contracts remain lower. Market prices have rebounded from yesterday’s lows but continue to trade on the downside. Traders expect the market to trade sideways the majority of today’s session as the markets prepare for next week’s WASDE report.
