Corn futures are trading 5 to 6 cents higher this morning. Spillover support from the other grain markets are pulling corn futures higher. Corn futures are trading narrowly between the $7.70 and $7.80, but follow through buying across commodities due to the Federal Reserve’s stimulus announcement yesterday could move prices higher. Weakness in the dollar index is also expected support the market.
Soybean futures are trading 13 cents higher this morning. The market posted solid double digit gains during the overnight session. Futures are reacting positively to the Fed’s announcement to take aggressive measures to stimulate the ailing U.S. economy. Long term bullish fundamentals will continue to support higher prices while today’s lower dollar index should provide and additional boost.
Wheat futures are trading 9 to 14 cents higher this morning. Prices are higher across all three exchanges this morning supported by the lower dollar index and strength in the soybean complex. Prices continue to see move higher on yesterday’s Federal Reserve announcement to boost the economy. Futures are expected to remain steady unless soybeans and the dollar index reverse current trends.
Live cattle futures are called to open lower this morning. Cattle futures are expected to open under pressure on follow through selling due to weak export sales and lower boxed beef prices. Trade in the cash market is complete with prices $2-$3 higher than the previous week.
Lean hog futures are called to open mixed this morning. Once again hog futures managed to close impressively higher despite terrible fundamentals. Prices are expected to open on the defensive and traders bank profits and lack of fresh news surrounding the market.