Corn futures are called 2 cents lower to 1 cent higher. In the overnight trade, December finished 3/4 of a cent lower at $3.35 3/4 and March was also 3/4 of a cent lower at $3.49. Weather and crop conditions will continue to dominate the corn market. Currently, there is not a forecast for a frost over the next week, but yields are still being closely watched as maturity has been lagging.
“There’s no frost in sight for the next 10 days,” says Elwynn Taylor, professor of ag meterology, Iowa State University. “After 10 days, it would not be an early frost, it will be a frost in the usual season.”
Soybean futures called 3 to 5 cents lower. Overnight trade ended weak, with November down 3 cents at $9.16 1/2 and January 3 3/4 cents lower at $9.20 3/4. Futures will be a bit weaker now that the current frost scare has subsided. Traders will be focused on South American planting and their acreage forecasts. Larger-than-expected crush and good exports should provide underlying support.
Lean hog futures are called steady to lower. Slaughter is expected to be up from last week and close to year-ago levels. The release of the Quarterly Hogs and Pigs report due out this afternoon will have traders positioning themselves, with the talk being that herd liquidation will likely be less than adequate and weigh on the market.
Source: Ag Professional, Doane's