Crop markets relatively quiet overnight

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Corn futures are called steady to 1 cent higher. Overnight trade at 6:45 am CT was 3/4 to 1 cent higher. Overnight trade was mixed, but futures were finding light support from ideas of reduced yield and production estimates for the corn crop. Dry conditions continue to affect parts of the central Corn Belt. Strength in gold and weakness in the dollar could provide some support for the market.

Soybean futures are called 1 to 2 cents lower. Overnight trade at 6:45 am CT was 1 to 1 1/2 cents lower. Trade was limited overnight as futures remain in its trading range. After testing resistance in the $14 area, November futures have eased. Losses are being limited by ideas that yield prospects are declining with the dry weather in the central Midwest. Also, strength in gold and weakness in the dollar should help limit losses or could support prices this morning.

Wheat futures are called 3 to 5 cents lower. Overnight trade at 6:45 am CT was 4 1/4 to 5 1/2 cents lower at the CBOT, 3 1/4 cents lower at the KCBT and 1 1/4 to 1 3/4 cents lower at the MGE. The market remains volatile and after posting solid gains on Thursday, futures turned lower overnight. Sluggish export demand is a bearish concern. But losses are being limited by disappointing spring wheat yields and ideas that hard red winter wheat acreage could decline this fall due to ongoing drought in the southern Plains. Losses will likely be limited by weakness in the dollar index overnight.

Cattle futures are called steady to higher. Cash trade is done for the week after developing at mostly $113, down $1 from the previous week. But signs that boxed beef trade is stabilizing and favorable packer margins could help support cash trade over the next couple of weeks. Futures are expected to see some follow-through buying this morning. Strong export demand remains a bullish factor.

Lean hog futures are called lower this morning. Bearish cash fundamentals are expected to weigh on the market. Cash trade was down $1.23 on a national average yesterday and pork cutouts were $1.93 lower on Thursday. Losses are expected to be limited by the discount of futures to the cash market.

Cotton futures are trading higher this morning. After trading lower for three days, short-covering has developed to push prices higher overnight. Gains will be limited by export sale cancelations and the Census Bureau cotton consumption report that points to increased carryover stocks. At 6:35 am CT, December cotton was 41 points higher. 



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