Corn futures are called steady to 1 cent lower after a lackluster overnight session.
- Corn futures saw lackluster trade overnight, ending 1 to 2 cents lower.
- Traders are focused on evening positions ahead of the weekend and are also keeping an eye on near-term forecasts.
- Cooler temps are expected to move back into the Midwest early next week, which would stall early fieldwork.
- But traders aren't overly concerned about a timely start to the planting season at this point.
- May corn futures pivoted around the $5.00 level overnight, which signals bulls are working to establish this level as support.
Soybean futures are called to open 4 to 8 cents lower amid profit-taking.
- Soybean futures ended the overnight session 4 to 8 cents lower amid light profit-taking.
- Traders are evening positions ahead of the weekend. Key will be in funds view early weakness as a buying opportunity as has been the case on previous tests of uptrending support.
- Signs of a slowdown in the Chinese economy weighed on soybean futures overnight. Traders say this raises concerns about the country's near-term soybean demand.
- However, this morning USDA announced a 330,000-MT soybean sale to an unknown destination for 2014-15, which traders suspect is China.
- China's Consumer Price Index rose to 2.4% over year-ago in March, largely driven by an increase in food prices.
Wheat futures are called 3 to 5 cents lower amid profit-taking.
- SRW and HRW wheat ended the overnight session mostly 4 to 5 cents lower, with HRS favoring a weaker tone in mixed trade.
- Traders are eyeing weekend forecasts that have some rainfall in the Southern Plains. However, recent forecast rain events have been a disappointment and moisture needs for the developing crop are increasing.
- Otherwise, there's little fresh news for the market to digest and technicals have further weakened this week.
Live cattle futures are called slightly higher in lackluster trade.
- Live cattle futures saw slight gains in overnight trade, which is a sign of short-covering this morning to maintain the back-and-forth trade seen so far this week.
- Traders are still waiting on cash cattle trade to begin. Given this week's slightly larger showlist and weaker tone in the beef market, steady to $1 lower trade with last week's $148 to $150 trade is expected.
- Choice beef values softened 46 cents yesterday and Select declined 93 cents, but a pickup in movement occurred this week as 194 loads were traded yesterday.
- There is room to the upside to correct for nearby contracts as they hold a discount to cash expectations.
Lean hog futures are called to open lower on profit-taking.
- Lean hog futures were slightly to moderately lower overnight, which suggests a round of profit-taking will be seen ahead of the weekend.
- Additional pressure is expected from the pork market, as values slipped $1.84 amid moderate movement of 323.38 loads yesterday. Belly prices led declines in cuts yesterday.
- The cash hog market is called steady to $1 lower this morning as packers work to improve profit margins.
- Bears have the near-term technical advantage after prices have extended the decline from the March all-time high this week.