Corn, soy markets rally in overnight trade

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Corn futures are trading steady at 4 to 6 cents higher. After an impressive rally on yesterday, corn futures leveled off in the overnight session but remain higher this morning. Spillover support from the soybean market and continued weakness in the dollar index is supporting prices. Weekly export sales are anticipated to be bearish for corn.

Soybean futures are trading 19 to 22 cents higher. Soybean futures extended their rally into overnight trading. Weakness in the dollar index and strong export demand are supporting prices. Market fundamentals are favorable for prices. Weekly export sales for the market are expected to be bullish.

Wheat futures are trading mixed. Bearish fundamentals are keeping wheat prices in check. Prices are experiencing resistance after yesterday’s market rally, but the decline in dollar should provide price support. KCBT wheat prices are under pressure as the winter wheat harvest continues progress at a rapid pace. Weekly export shipments are expected to be bearish for the market.

Cattle futures are called to open higher. Cattle prices are expected to open higher as trade in the cash market is likely to pick up as packers look to cover this week’s slaughter needs. Asking prices are expected to remain firm at $123 in the South and $197 in the North. Weakness in the dollar and support from the hog market should provide support to prices.

Lean hog futures are called to open higher. Higher prices in the cash market are expected to lift hog futures. Yesterday’s pork cutout value was up with pork bellies reported as much as $5 higher. The market will also see support from the lower dollar index and renewed interest in commodity markets by investors. Trade in the cash market is expected to be steady to higher.

Cotton futures are trading 300 to 370 points higher. The market continues to thrive off of yesterday’s notable market rally. Cotton prices are trading strongly thanks to short covering, weakness in the US dollar index, and renewed interest in commodity markets by investors.



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