Grains Weaken Ahead of USDA Reports

September 12, 2011 02:16 AM
 

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Overnight highlights.

Following are highlights of overnight trade:

Corn: 6 to 9 cents lower. Futures weakened in late overnight night. This morning's open will be highly determined by crop size. According to pre-report average trade guesses, the market is prepared for USDA to trim the size of the crop by about 400 million bu. from its August estimate to 12.505 billion bushels.

Soybeans: Marginally to 1 cents lower. Futures were lower overnight amid heightened global economic concerns. Traders are anxiously awaiting USDA's September Crop Production Report, in which they expect USDA to trim the size of the crop by about 30 million bu. from last month to 3.025 billion bushels.

Wheat: 3 to 4 cents lower. Futures were weaker overnight on spillover from neighboring pits. Wheat is in a follower's role and more of the same is likely today. Traders look for USDA to trim new-crop wheat carryover slightly from last month, but no major changes are expected.

Live cattle: Mixed. Futures are called mixed on followthrough from last week's gains vs. concerns about the global economy. Traders will be keeping a close watch on the boxed beef market this week after strong movement last week forced packers to raise bids $4 to $5 from the previous week.

Lean Hogs: Steady ot higher. Signs the cash market has posted a near-term low is expected to support futures today. The cash market is called steady to $1 higher this morning amid improved demand for hogs due to profitable margins. Packers aren't as forward bought this week.
 

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