Corn futures are trading lower at midsession. Profit-taking from the recent rally and weakness in equity markets are weighing on corn trade. Export sales reported last week were neutral as old-crop sales of 18.6 million bushels fell within trade expectations. In addition, warmer and drier weather in the eastern Corn Belt should aid the tail end of corn planting. Losses are being limited by weakness in the dollar. July is 9 cents lower at $7.57 1/2 and December is 5 cents lower at $6.90.
Soybean futures are higher at midday. Light technical buying and talk that soybean acreage will fall short of earlier expectations are supporting the market. On Thursday the market rallied above the trading range it has been in for nearly two months. With tight ending stocks projections, any potential short-fall in crop production will be magnified. Weekly export sales released this morning were neutral with combined old and new-crop sales of 5.7 million bushels at the low end of trade expectations. July is 7 1/2 cents higher at $14.14 1/2 and November is 6 1/2 cents higher at $13.99 1/4.
Wheat futures are mostly lower at midsession. Winter wheat markets are being pressured by spillover pressure from corn, sluggish export demand and outside markets. Equity markets are being pressured by the bearish jobs data released this morning. Weekly export sales failed to support prices. The report covered the last week of the 2010-11 marketing year and old-crop sales were -1.1 million bushels. New-crop commitments were unimpressive at 12.4 million bushels. However, the MGE July contract is higher on further spring wheat planting delays in the northern Plains. CBOT July is 3 1/4 cents lower at $7.66 1/2, KCBT July is 5 cents lower at $9.04 while MGE July is 12 1/2 cents higher at $10.32.
Cattle futures are trading mixed at midday. The market was pressured much of the morning by bearish jobs data and weakness in the stock market. Cash traded this week at mostly $104, steady with the previous week but traders were expecting higher prices. However, front end prices turned higher due to favorable packer margins and ideas of firm cash trade next week. June is 90 cents higher at $103.50 and August is 88 cents higher at $104.55.
Lean hog futures are mostly higher at midsession. The market has turned higher along with cattle futures after trading mostly lower early in the session. Support is coming from ideas that pork prices could strengthen next week due to the smaller slaughter this week and less pork. Packer margins are poor so for cash prices to improve much pork prices need to improve. June is 28 cents higher at $89.35 and July is 28 cents higher at $88.25.
Cotton futures are trading lower at midday. Profit-taking from recent gains and losses in the stock market are weighing on futures trade. July is 138 points lower at 162.86 cents and December is 36 points lower at 138.87 cents.