Corn futures are trading 10 to 12 cents higher early morning. Market prices are climbing as forecasts for high temperatures across the Midwest continue into next week. The corn crop is currently in its critical pollination stage and in need of good rains to replenish moisture. These factors leave the market vulnerable to changes in the weather patterns.
Soybean futures are trading 15 to 17 cents higher early morning. Soybean prices rebounded overnight on spillover strength in the corn market and dry weather forecasts. The market remains bullish, but weather forecasts are currently outweighing fundamentals to remain the dominant force driving prices.
Wheat futures are trading mixed early morning. Wheat futures traded lower overnight into early morning. Spillover strength in the corn/soybean markets and global wheat reductions should lend support to prices, but gains may be limited by a higher dollar index.
Cattle futures are called to open higher this morning. Cattle futures are expected to open higher on market short covering and steady to firm boxed beef prices. As forecasts for hot weather continue, livestock prices will see support from lighter carcass weights by way of high feed costs. Trade is the cash market is called steady to lower, with trade increasing the latter part of the week.
Lean hog futures are called to open lower this morning. The market is expected to open the day soft on demand worries and easing cash market prices. End of the month liquidation ahead of Friday’s Hogs and Pigs report is expected to weigh on market prices as well. Cash trade is called steady to lower.
Cotton futures are trading higher early morning. Calls for high temps and lack of rain across western Texas and southwest Oklahoma are supporting market prices. Prices are expected to bounce up and down as traders position themselves ahead of Friday’s Acreage Report.