Corn, wheat follow soybean higher

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Corn futures are trading higher this morning. There is not much new and exciting news surrounding the corn market, but prices have manage to push above unchanged on spillover support from the overnight rally in the soybean market. However, harvest pressure and lackluster demand will keep prices trading defensively.

Soybean futures are trading higher this morning. Soybean futures extended gains during the overnight session on renewed buying interest within the complex after prices managed an impressive rally off of steep losses on Tuesday. Supplies are growing tighter and traders are optimistic that fresh rounds of export sales are underway.

Wheat futures are trading higher this morning. Wheat futures are also riding the coattail of soybean market’s overnight rally. However, pressures from gains in the dollar index and weak demand for U.S. will kept prices in check and limit upside movement. However, strong grains in the grain complex could potentially spark buying interest in wheat futures.

Live cattle futures are called to open higher this morning. After a rough day of trade on Tuesday, cattle futures are expect to rebound at the opening of pit trade. Price support will be tied to firm beef prices and cast trade optimism. Yesterday’s closing beef prices were higher for both choice and select, with select up $1.81 at $183.34. Cash trade is anticipated to be steady to $2 higher this week versus the previous week’s trade.

Lean hog futures are called to open lower this morning. Futures are anticipated to open defensively on faltering fundamentals. Demand for pork products in sluggish heading into the holiday season as indicated by the decline in the pork carcass value. Cash market momentum seems to have run out of steam as trade has been relatively steady or lower.

Cotton futures are trading lower this morning. Cotton futures continue to tumble after steep losses on Tuesday. Commodities declined across the board as traders and investors sold off risky assets on global and domestic economic worries. As of this writing, cotton is trading 119 points lower.



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