Grains pull back overnight

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Corn prices are trading 4 cents lower this morning. Corn futures lost ground after Wednesday’s gain, falling approximately 0.6 percent on average. An overnight gain in the dollar index is weighing on futures along with non commercial liquidation. Weekly export sales are expected to be neutral to bullish for corn.

Soybean prices are trading 12 to 13 cents lower this morning. Initially, soybean futures opened the globex overnight session higher, but long liquidation and weakness in grain complex began to pull prices lower. Traders will continuing to watch weather conditions in South America as their planting season approaches. Soybean oil and soybean meal are trading lower this morning.

Wheat futures are trading 1 to 2 cents lower this morning. Price pressure from strength in the dollar index and weakness tied to the other grain commodities has wheat futures on the defensive. There is currently no fresh news surrounding the market which is causing prices to trade in a narrow sideways pattern. Weekly export sales are expected to bullish for the market.

Live cattle are called to open mixed this morning. Uncertainty in the cash market and slightly lower beef prices are expected to pressure futures at the opening of pit trade. Although traders are optimistic that cash prices will be higher again this week, cash trade has yet to develop. Preliminary asking prices range from $128 in the South to $200 in the North.

Lean hogs are called to open mixed this morning. Stability in the cash market is expected to continue to encourage renewed buying interest in the hog complex. Traders are confident that prices are finally starting to rebound. However, weakness in the pork carcass value is expected to limit market gains during early trade.

Cotton futures are trading lower this morning. Cotton futures are trading lower on strength in the dollar index and disappointing economic data out of China. A private sector analysis indicates that China’s manufacturing sector continues to decline for the 11th consecutive month.



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