Corn futures are trading higher this morning. Corn futures are trading around 1 cent higher in quiet trade. Prices are supported by strength in the soybean market and the lower dollar index. However, prices could turn lower if the dollar index strengthens and soybean prices begin to decline.
Soybean futures are trading higher this morning. Soybean futures are trading slightly higher after posting sharp losses on yesterday. A lower dollar index and strength in the soymeal market are supportive for prices this morning. However, declining soyoil prices have the potential to pull soybean futures lower if pressure in the market continues to build.
Wheat futures are trading higher this morning. Wheat futures across all exchanges are higher this morning in light trade. Price support can be attributed to the lower dollar index and higher corn and soybean futures. However the market remains vulnerable to selloffs, especially if the other grain markets turn lower.
Live cattle futures are called to open higher this morning. Cattle futures are anticipated to open higher this morning supported by expectations of a bullish cattle on feed report. USDA is set to release this report this afternoon and analyst expect cattle on feed to remain steady while they expect placements to be about 7 to 8 percent lower.
Lean hog futures are called to open higher on continued strength in the cash market. Cash prices are expected to remain steady to higher, encouraging renewed buying interest in the complex. Prices will see additional support by way of yesterday’s surge in the pork carcass value.
Cotton futures are trading higher this morning. The market is trading slightly above unchanged as of this writing. The lower dollar index is helping to increase buying interest in the market along with strength in the other agricultural commodities.