Corn futures are trading 2 to 4 cents higher. Corn futures rebounded in the overnight session as the USDA crop progress report indicated that the condition of the new crop was declining. Increased demand for U.S. corn in Asia may add strength market. However, pressure from outside markets is keeping the corn rally in check.
Soybean futures are trading 2 to 10 cents lower. Soybeans futures tumbled as the economic situation overseas continues to worsen. The downgrade of the Spanish banking system, political unrest in Greece and the economic slowdown in China are weighing on market prices. The market is also seeing spillover pressure from weakness in the soy complex.
Wheat futures are trading mixed. Futures prices are 4 to 5 cents lower at CBOT, 4 to 6 cents lower at KCBT, and 1/4 to 1 cent higher at MGE. Wheat prices continue to slide as rains in Russia, Australia and the Black Sea Region eased uncertainties on global wheat supplies. Bearish economic news from overseas is weighing prices down as well.
Cattle futures are called to open higher. Cattle futures will see support from some short covering today. Beef prices surged yesterday with both choice and select up over $1 and boxed beef demand reported as moderate. However, gains may be capped by growing outside market concerns and the rising dollar index.
Hog futures are called to open higher. Futures prices are called to open higher as the pork cutout value increased by almost a $1 on Tuesday. Prices should see support as the fundamentals of the market are expected to see improvement. Pressure from outside markets and dollar index may limit gains.
Cotton futures are trading 4 to 20 points lower. Futures prices are being pressured by the lingering economic situations in Greece, Spain, and China. News that China may sell some of its state reserves adds to the negative sentiment that China is experiencing economic slowdown and is bearish for the market.