Corn futures traded two sided overnight and are set to start the day lower after slumping 4 cents late in the overnight session. Yesterday’s technical turnaround offered follow-through support, yet planters are rolling in a bigger way than anticipated than just a week ago. Nonetheless, expectations for lower yield potential and prevent acres should be overall supportive.
Soybean futures were off a nickel overnight. Prices managed to claw back to close to steady yesterday on Thursday, but still finished negative. Good planting conditions expected in the week ahead will cap rally potential.
Wheat futures were down 5 to 7 cents overnight, reversing an impressive revival yesterday after a negative session on Tuesday and again on Wednesday.
Cattle futures are called steady. We don’t see a whole lot of change expected today in cash or in product. Bids of $112 were raised to $113 in the south. Dressed sales at $187 were reported in Iowa — steady with last week. Most trading is winding down for the week with live sales in the south mostly $113 or two dollars lower and dressed sales in Nebraska at $183-184 or one dollar lower.
Hog futures are called mixed. Look for continued consolidation, as the Jun contract is now mostly aligned with the cash index.