Corn futures are trading mixed at midsession. Corn futures are trading mostly higher after outside market pressures and a firm US dollar weighed prices down in overnight trade. Strong export demand for U.S. corn by China is lending support to front month contracts. Exporters reported sales of 900,000 tonnes of corn to China, of which an increase of 240,000 tonnes is reported as new sales for delivery in 2012/13. July is 6 1/2 cents higher at $6.03 3/4 and December is 3/4 cents lower at $5.13 3/4.
Soybean futures are trading mixed at midsession. Concerns that Greece will exit the Euro zone and the European debt crisis will deepen are weighing on the markets. Tumbling crude oil futures along with falling soybean meal and soyoil prices are depressing prices further. However, losses are being limited by the bullish global supply and demand fundamentals. The July contract is up 4 1/4 cents at $14.17 1/4, and the November contract is down 8 cents at $12.97.
Wheat futures are higher at midsession. Wheat futures are up after trading lower overnight. Expectations of dryer weather conditions across US Plain over the next ten days are lending support to prices. Traders are concerned that dryer temperatures will damage the winter wheat crop. Wheat futures are holding strong amid pressures from outside markets and a strong dollar. CBOT July is 13 cents higher at $6.21 1/2; KCBT July is 14 1/4 cents higher at $6.41 3/4; and MGE July is 11 1/2 cents higher at $7.62.
Cattle futures are trading higher at midsession. Cattle futures climb as wholesale beef prices and demand improve. Trade in the cash cattle market is expected to be steady to higher than the previous week. USDA Cattle on Feed report is expected to show a hard decline in April cattle placed on feed, down 11.6 percent from the previous year. June cattle futures are 17 cents higher at $116.60 and August is 2 cents higher at $118.75.
Lean hog futures are trading lower at midsession. Hog prices decline on profit taking and a strengthening dollar. However, cash markets are expected to be 50 cents to $1 higher this week. Packer margins are mixed and demand is light to moderate. The June contract is down $10 cents at $86.30, and July is 30 cents lower at $87.10.