CORN: Corn futures were firm overnight, trading inside Wednesday’s weaker trading range. Dec was up 2 to 3.60-1/2. The trend is down with prices breaking support this week and negating a nice looking bullish key reversal and double bottom last week. Weekly Export Sales are delayed until tomorrow due to the markets being closed on Labor Day.

SOYBEANS: Soybean futures were up 2 cents overnight to 8.77-1/2 (Nov) on follow through after a positive day yesterday. Growing concern that too much of the crop is too late to mature properly could limit this year’s supply. Nearly 11 million acres of beans have not yet set pods according to weekly USDA crop ratings.

WHEAT: Wheat futures had an encouraging day yesterday with the weaker dollar the catalyst to a turnaround in wheat futures. Contracts were upo 3 to 5 cents overnight as traders seem willing to start exiting short positions after having reached technically oversold territory on the recent price drop.

CATTLE: Cattle futures are called steady. Prices tried to rally on futures yesterday but finished weaker in the front months, as Oct lost 25 and Dec lost 75. Ample inventories and what appears to be solid but not great Labor Day weekend disappearance will keep prices in check.

HOGS: Hog futures are called mixed. Prices continue to plug along but can’t seem to grab enough strength to propel prices upward. The most recent rally in Oct is encouraging, as futures have gained near 6.00. A lack of follow through in deferred months leaves us questioning if hog futures can continue to move higher as long as daily slaughters remain adequate.

Author

Carol Tillmann