Corn futures are trading lower at midsession. Sluggish export demand and the lack of buying interest are weighing on futures. Weekly export sales reported this morning of 13.9 million bushels were at the very low end of trade expectations. Record corn production in China has prevented export sales to China. March is 5 1/2 cents lower at $6.02 1/2 and may is 5 cents lower at $6.10 1/4.
Soybean futures are lower at midday. The market is being pressured by sluggish export demand and easing cash basis levels. Weekly export sales reported this morning of 18 million bushels fell below trade expectations and were the lowest weekly total in a month. After big gains yesterday, the stock market has backed off a little this morning. Lower crude oil prices are also contributing to the weakness in soybeans. January is 8 3/4 cents lower at $11.22 1/2 and March is 8 3/4 cents lower at $11.32 1/4.
Wheat futures are mixed at midday. The CBOT has been pulled lower by losses in corn and soybeans. But futures are choppy with some support from improved export demand. Weekly export sales reported this morning 18.5 million bushels, which was up 30% from the four-week average. Favorable precipitation in the Plains is limiting gains at the KCBT. CBOT March is 3/4 of a cent lower at $6.13 1/4, KCBT March is 2 3/4 cents higher at $6.63 3/4 and MGE March is 3/4 of a cent lower at $8.22 3/4.
Cattle futures are trading narrowly mixed at midsession. The market is little changed this morning as trading look for direction. Futures are in consolidation mode following the gains on Wednesday. Light pressure is being generated from declining beef prices and poor packer margins. February is 20 cents lower at $123.40 while April is 5 cents higher at $126.75.
Lean hog futures are lower at midday. Futures are being pressured by the $2.10 drop in pork cutouts values on Wednesday. Despite the decline in pork prices, packer demand remains solid. Losses are being limited by steady cash markets. February is 53 cents lower at $91.05 and April is 3 cents lower at $93.28.