(AgProfessional) – Corn futures are trading higher this morning. Corn futures are extending gains on spillover support from gains in the soybean markets. However, weak export demand remains a concern for the market. Yesterday’s crop progress report showed corn harvest 91 percent complete, slightly below analysts’ estimates but well above the previous year. December corn futures are trading 4 cents higher.
Soybean futures are trading higher this morning. The soy complex is posting solid gains at this hour on production concerns in South America and export demand optimism. Recent heavy rains in Argentina, a key soybean growing region, are expected to hinder the soybean plantings. USDA reported soybean harvest 87 percent complete versus 80 percent complete last week. November soybean futures are trading 18 ½ cents higher.
Wheat futures are trading higher this morning. Global supply worries and dry conditions in the U.S. Plains are supporting futures prices. Strong gains in the soybean market are also helping to boost prices. However, recent gains in the dollar index could limit gains. December wheat futures are trading 4 to 6 cents higher.
Live cattle futures are called to open lower this morning. Tumbling wholesale beef prices are expected to pressure live cattle futures at the opening of pit trade. Choice beef cutouts plummeted $3.40 while selected declined $1.23 cents. Light trade in the cash market is reported at steady to lower versus the previous week.
Lean hog futures are trading called to open mixed. Prices are expected to open uneven today with price support tied to a rebound in the pork carcass value and pork demand optimism. However, prices are expected to feel some push back from large pork supply and lower cash prices.
Cotton futures are trading higher this morning. Cotton futures have been trading very volatile this week. Futures prices start the trading session higher but because the market lacks the fundamental support to push above 72 cents, traders are likely to liquidate long positions. December cotton futures are trading 45 point lower.
