Corn futures are trading 7 to 9 cents higher midmorning. Corn prices eased from early morning highs but continue to see support from drought like weather conditions across the U.S. Midwest. Temperatures are forecasted to reach triple digits into the weekend with no indication of rain relief. Weekly export sales and shipments were bearish for the market but were outweighed by weather worries.
Soybean futures are trading 4 to 5 cents lower midmorning. Soybean futures declined midmorning despite export sales of 110,000 tonnes of soybeans to an unknown destination for 2012/13 delivery. The market is no doubt seeing resistance as traders position themselves ahead of tomorrow’s stocks and acreage reports. Weather forecasts across the Midwest remain unchanged and should lend support to market prices.
Wheat futures are trading mixed midmorning. The market is being pressured by declines across the corn and soy markets. Wheat prices in Minneapolis are trading higher on global support over falling wheat crops in the Black Sea Region. Push back from the rising dollar index is also keep wheat prices in check today.
Cattle futures are trading higher midmorning. Cattle futures are up at midday on firm boxed beef prices and strong export demand. USDA reported beef export sales at 18,400 tonnes, up 3,400 tonnes higher than the previous week. Market gains were capped due to uncertainty in the cash market. Trade is yet undeveloped but is anticipated to be steady with increased volume late this afternoon.
Lean hog futures are trading higher midmorning. Hog prices are trading higher on follow through buying and futures discount to cash. Pork prices were up on Wednesday lending support to the market. Prices in the cash market continue to ease.USDA reported the average hog price in Iowa/Minnesota down 27 cents at $98.24 per cwt