Morning Calls & Comments (1/9)

Corn: 1 to 3 cents lower.

Soybeans: 2 to 5 cents higher.

Wheat: 1 to 3 cents lower.

Cattle: Choppy to lower.

Hogs: Choppy to lower.

Soybeans posted gains overnight on followthrough from Friday’s price performance. Corn and wheat traded higher at points overnight but faded late, despite supportive outside markets. Crude oil futures are more than $2 higher this morning and the U.S. dollar index is around 650 points lower. We expect markets to open daytime trade similar to how they finished the overnight session, though choppy price action is likely. It seems likely either soybeans will help support corn and wheat or those markets will eventually pull soybeans lower.