Corn: Steady to 1 cent lower
Soybeans: 1 to 2 cents higher
Wheat: 5 to 7 cents lower
Soybean futures were supported by followthrough buying overnight, but gains faded as the session ended. We anticipate a slightly higher start this morning, but some profit-taking could hit the market since there were no daily export sales today.
Wheat futures extended recent losses overnight and are in line for additional selling this morning. Focus has shifted from HRW crop concerns and spring wheat planting delays even though drought persists in the Southern Plains and cold, wet conditions are pushing back spring wheat plantings.
Corn futures favored a weaker tone overnight, suggesting it will follow the wheat market this morning.
We anticipate followthrough buying in cattle futures after a strong close Thursday. Our only hesitancy is that the market has struggled to find sustained buying following recent strong closes. But with cash cattle prices showing signs of stabilizing and futures below the bottom end of this week’s $116 to $118 trading range, there is justification for more price gains today.
We also expect followthrough buying in the hog market after a strong close yesterday. Technicals signal a low is in place and the average national direct cash hog price firmed another $1.48 Thursday, continuing the recent string of gains. But the CME lean hog index has not yet reflected that strength, which may cause traders to pause before extending futures higher.