The crop markets were mixed in overnight trading as the Pro Farmer Crop Tour wrapped up. Firming cash cattle prices suggest futures could rebound from Thursday, but hogs seem to be facing seasonal weakness.
The prospect of heavy rains over larger areas of the Corn Belt today depressed the crop markets overnight. Continued wholesale strength for beef and pork seemingly favor steady-firm livestock market openings.
Grain futures edged up in overnight trading, while soybeans continued the slide seen during Tuesday's trading session. Surging beef prices seem likely to support cattle, while late pork losses bode ill for hogs.
The grain markets look set to open weakly today, but the daily announcement of more soybean sales should boost soybeans. Whether the livestock markets will build on Monday's gains is questionable.
Soybeans and wheat are expected to lead corn higher to start the week. Last week's slippage in fed cattle values seem likely to offset bullishness powered by soaring wholesale prices.
Corn and soybeans were mildly firmer overnight on positioning ahead of USDA's July crop reports at 11 a.m. CT. Weekend rains were ample across all but northern locations of the Midwest.