At 6:45 am CT, December corn futures were 7 3/4 cents higher at $5.88 3/4 and March was 7 1/2 cents higher at $6.02. Commodity markets are finding support from the decline in the dollar and strength in crude oil and gold markets. The market is anticipating that USDA will lower their production numbers on Nov. 9.
Soybean futures are called 17 to 18 cents higher. Overnight trade was 17 to 17 1/2 cents higher. Fund buying is expected to push prices higher amid the declining dollar and strength in crude and gold overnight. Actions by the Federal Reserve yesterday sparked the decline in the dollar and strength in other markets. Export demand for soybeans has been very strong recently and weekly export sales to be reported this morning are expected to be strong once again.
Lean hog futures are called higher on the open. Cash prices were up about $2 on average yesterday and pork cutouts were up 24 cents. There is talk that the cash market and pork prices have already hit a near-term low. However, gains could still be limited by record hog weights and still ample numbers of market-ready hogs.
Cattle futures are called steady to lower. Cash trade has been lower this week with trade at $97 to $98, down about $2 from last week. Boxed beef prices eased on Wednesday with choice cutouts down 38 cents. However, loses should be limited by spillover support from the hog pit and strength in outside financial markets.