Corn, wheat turn lower overnight

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Corn futures are trading 4 to 5 cents lower this morning. Corn futures declined in the overnight session on profit taking and position squaring in the market. Corn futures are currently driven by the weather. Forecasts for continued dryness and high temps across the U.S. Midwest will support new crop contracts.

Soybean futures are trading 7 to 11 cents higher this morning. Market prices eased from the previous day, yet continue to trade up this morning. Firm international demand and concern that the 2012/13 soybean crop will not meet yield expectations are underpinning the market. Traders will keep an eye on the weather as forecasts for warmer temperatures across the Midwest have not changed.

Wheat futures are trading 2 to 4 cents lower this morning. Wheat futures turned lower overnight following the corn market. The market was also pressured as traders looked to secure profits in response to recent gains. Weakness in the dollar index should lend support to the market.

Cattle futures are called to open mixed on Wednesday. Cattle futures are expected to open the session lower due to weakness in beef prices and sluggish beef demand. Trade in the cash market has been relatively quiet, but expectations are that the trade will pick up the second half of the week with steady/firm bids.

Lean hog futures are called to open mixed on Wednesday. The market will be strengthened by strong fundamentals and higher cash prices. However, prices will be met with resistance as traders look to take profits after the market posted sharp gains earlier in the week. Trade in the cash market today is expected to be steady.

Cotton futures are trading mixed this morning. Cotton futures are trading lower mostly due to profit taking. The market has trader higher for the much of the week with the July contract closing limit up for two consecutive days. The July contract will continue to see support as investors looked to liquidate their position before next week’s delivery deadline.



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