Corn futures are trading 14 cents lower this morning. Although supply issues and production output remain a concern, the quickly advancing state of the 2012/13 corn crop is pressuring the market. Today’s crop progress report is expected to bearish, showing corn harvest at 20 to 25 percent harvested as last week.
Soybean futures are trading 31 cents lower this morning. Soybean futures are also feeling the pressure of rapidly advancing harvest. Several analysts believe the market is technically overbought and the recent sell offs in the market are an overdue corrections to record high prices. Soybean oil and soybean meal are also trading 1.2 to 1.6 percent lower this morning.
Wheat futures are trading 10 to 13 cents lower this morning. Losses across the wheat exchanges are not as bad as the losses in both the corn and soybean markets. Spillover pressure from the other grain markets and the higher U.S. dollar are both limiting factors for the market this morning. However, traders will continue to keep an eye on global stock levels.
Live cattle futures are called to open mixed this morning. Prices are anticipated to open uneven this morning, supported by improvement in boxed beef prices and optimism for higher cash prices but pressured by shaky fundaments and losses in the corn market. Cash prices are expected to be steady to higher this week.
Lean hog futures are called to open mixed this morning. Prices are expected to open under slight pressure from unrelenting poor fundamentals. Hog slaughter continues to rise while cash prices continue to decline. However, the market may see support from follow through buying and the notion that market prices are beginning to stabilize.
Cotton futures are trading lower this morning. Cotton futures are trading slightly lower on profit taking after the market posted moderate gains on Friday. Strength in the dollar index and the general bearish tone and also keeping prices at bay as of this writing.