Grain prices are mostly higher in early trade as increasing weather concerns about the crop in Argentina keep global traders and funds on the buy side.
At this time in grain markets corn futures are 1 cent lower, soybean futures are 12 to 13 cents higher and wheat futures are 1 to 3 cents higher. The soybean market is moving higher to challenge yesterday’s high while corn and wheat are locked into a narrow – holiday trading channel.
The trade focus is on weather in Argentina and just like last week the extended forecasts ae hinting at more rain but in the short-term additional damage is occurring.
The outside markets are mixed this morning with the Dow futures up over 100 points. Crude oil is down 55 cents per barrel while the US dollar is again lower, now down 0.16 points
Livestock futures are mixed this morning. Feeder cattle are up 5 cents at $183.15. Live cattle up 10 cents. Lean hogs are 45 cents lower.