Temps Moderate, But Still Too Dry

July 9, 2012 01:33 AM
 

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Overnight highlights. Following are highlights of overnight trade (as of 6:30 a.m. CT) and opening livestock calls:

Corn: 20-plus cents higher. Futures are sharply higher this morning, moving above last week's highs to extend the rally. While temps have moderated across the Corn Belt, there's little rain in sight for the Corn Belt this week. Moisture stress raises concerns about pollinating corn.

Soybeans: 30-plus cents higher. Futures have extended gains in overnight trade, with November beans challenging the $15.50 level amid weather concerns. While temps are expected to remain near seasonal levels this week, there's very little moisture in the near-term forecast. Weather is stealing the show, as traders even ignored news that China's annual inflation rate fell to 2.2% in June, which raises concerns about a hard landing for its economy.

Wheat: 13 to 20 cents higher. Futures at all three exchanges were posting double-digit gains overnight on spillover from neighboring pits. Additional support comes from concerns about the global crop, as flooding in parts of Russia is now raising concern about the quality of the crop that was earlier damaged by freezing temps and drought.

Live cattle: Mixed. Futures are called to start the week mixed as traders gauge cash market signals. Cash trade was light to moderate in the Southern Plains late Friday at $117, which is up a dollar from the previous week. Packers were willing to pay up given profitable margins, but this week's showlist is expected to be higher as some cattle were carried over.

Lean Hogs: Mixed. Futures are expected to be mixed this morning amid spreading, but nearbys are called lower based on continued concerns about the pork cutout market, which slipped 51 cents on Friday. The cash hog market is expected to be steady to weaker this morning due to lighter demand caused by deep-in-the-red packer margins.


 

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