Corn futures are called 4 to 5 cents lower. Overnight trade at 6:50 am CT was 3 1/4 to 4 cents lower. Recent gains have made the market more open to profit taking. Corn futures turned lower as outside market pressure and an appreciating dollar pushed prices down.
Soybean futures are called 16 to 20 cents lower. Overnight trade at 6:50 am CT was 14 3/4 to 18 1/2 cents lower. Soybean prices tumbled overnight due to profit taking and pressure from falling crude oil prices. Falling soybean oil and soybean meal futures are weighing prices down as well. Losses are expected to be limited by tight supplies and continued demand for soybeans.
Wheat futures are called 1 to 4 cents lower. Overnight trade at 6:50 am CT was 1/2 to 1 1/2 cents lower at the CBOT, 1/4 to 2 1/2 cents lower at the KCBT and1 to 4 1/4 cents lower at the MGE. Initially, overnight trade was relatively steady for wheat futures. The market turned lower along with other commodity markets as outside market factors and the dollar weighed on prices. However, dryer weather conditions across US Midwest are expected to limit losses.
Cattle futures are called to open mixed. Boxed beef prices are higher while packer margins are mixed. However, there is optimism that seasonal beef demand is improving. Trade in the cash cattle market is likely to open around $122 in the South and $195 in the North.
Lean hog futures are called to open lower. Hog futures declined in overnight as the dollar strengthened making exports more expensive to foreign buyers. However, cash markets are expected to be 50 cents to $1 higher. Packer margins are positive and pork prices have increased as demand has improved.
Cotton futures are trading lower this morning. Cotton futures traded choppy overnight eventually turning lower. Strength in the dollar and weakness outside stock markets are bearish factors. Dry weather conditions in western Texas are expected to limit losses.