Corn futures are 4 to 6 cents lower on light profit-taking pressure.
- Strength in the U.S. dollar index has triggered a round of light profit-taking ahead of midday.
- While traders are disappointed by this week’s disappointing Pro Farmer Midwest Crop Tour results, the smaller crop is known by the market.
Soybean futures have trimmed gains ahead of midday to trade 2 to 9 cents higher.
- Soybean futures remain in positive territory amid supply concerns, but have moved off session highs as some traders opt to take profits out of the market ahead of the weekend.
- November beans remain confined within the boundaries of yesterday’s trading range.
Wheat futures are 3 to 7 cents lower at all three exchanges on profit-taking.
- Wheat remains in a follower’s role, but is weaker due to strength in the US dollar index and a lack of fresh news.
- More indications of a smaller Russian wheat crop this week renewed talk it will curb exports, but Russian officials continue to declare there are no immediate plans of that happening.
Live cattle futures are slightly lower in reaction to steady cash cattle trade.
- Cash cattle trade is thought to be done for the week, with trade turning active in the Southern Plains yesterday at $120 to $121 trade -- steady with last week.
- Strength in the U.S. dollar index is also contributing to light profit-taking. Investors remain uncertain over whether the U.S. Federal Reserve will take steps to stimulate the economy amid rising concerns about global growth.
Lean hog futures are now favoring a firmer tone, but trade remains lackluster.
- Most lean hog contracts are benefiting from short-covering on ideas this week’s losses are overdone. Futures have moved into technically oversold territory according to the 9-day Relative Strength Index.
- The cash hog market is mostly steady in the western Corn Belt, while bids are steady to $1 lower in the East.
