Morning Calls & Comments (8/5)
Corn: 1 to 3 cents lower
Soybeans: 5 to 10 cents lower
Wheat: 4 to 8 cents lower
Cattle: Steady/weaker
Hogs: Firmer
After failing to find sustained followthrough from Thursday’s gains early in the overnight session, corn, soybean and wheat futures faded. Given a favorable near-term weather forecast and outside markets factors, we expect the weaker tone to carry through to the open this morning. The U.S. dollar index is more than 1,000 points higher this morning in reaction to the stronger-than-expected jobs data. Front-month crude oil futures are modestly extending their recent decline, though still holding above Thursday’s lows.
