Corn futures are trading 2 to 4 cents lower at midsession. Corn futures have traded both sides of the market approaching midday. On one hand, prices are being pressured by spillover weakness in the soybean market and bearish weekly export sales. But, prices climbed slightly higher as drought concerns and yield reductions under girth the market. Updated weather forecasts are predicting much needed rains across the Midwest this week, but rains are not expected to reverse damaged already incurred by the crop. Doane corn and soybean economists are out on our annual 2012 Crop Tour across the Midwest. For up to date information, commentary, and photos of this year’s 2012/13 corn and soybean crop, please follow us at http://www.doane.com/crop-tour/ or DoageAg on twitter.
Soybean futures are trading 10 to 18 cents lower at midsession. Soybean futures are trading with much volatility despite bullish fundamentals and bullish exports sales/shipments. Prices dropped during the overnight session and remain on the defensive due to long liquidation and forecasts for rainy weather across the drought stricken Midwest. As the soybean crop enters its key reproductive stage (pod-setting), timely rains are a welcomed relief; possibly helping to revitalize the bean crop. Doane corn and soybean economists are out on our annual 2012 Crop Tour across the Midwest. For up to date information, commentary, and photos of this year’s 2012/13 corn and soybean crop, please follow us at http://www.doane.com/crop-tour/ or DoageAg on twitter.
Wheat futures are trading 4 to 9 cents lower at midsession. Overall weakness in the grain complex is weighing on market prices this morning. However, wheat prices have improved from early morning losses. The direction of the dollar index and talks of a Russian export ban on wheat are factors that could swing the market in either direction today. The market certainly is not as bullish as the corn and soybean markets in the long run, but declining global wheat supply will be a key factor in concerning the market’s direction.
Cattle futures are trading higher at midsession. Cattle futures are higher at midday bucking pressure from unstable beef prices and weakness in the corn markets. Prices found renewed strength as traders covered short positions and outside markets gained strength. Cash trade is expected to pick up late afternoon and carry into tomorrow as packers look to secure weekend slaughter needs. Cash prices are anticipated to be steady to higher.
Lean hog futures are trading higher at midsession. Hog futures are on the offensive, supported by increased pork demand and higher cash prices. Pork cutouts were reported 16 cents higher on Wednesday while the average cash price (IA/MN market) was pegged 40 cents higher. Higher outside markets and a lower dollar index have also been favorable for market prices today.