Corn futures trade choppy at midday
Corn futures are trading choppy at midsession. Corn futures are trading sporadically as the market searches for direction. Outside market weakness coupled with firm losses in soy complex are keeping prices in check. This week’s poor export demand is also burdensome for futures prices today. As reported yesterday by USDA, corn export sales totaled 142,300 tonnes, below the lower range of trade expectations. December corn futures are trading ½ cent higher.
Soybean futures are trading lower at midsession. Soybean futures are adding to losses as the market reacts to easing demand for soybeans. USDA reported export sales at 522,200 metric tonnes on Thursday, slightly below analysts’ expectations. However, long term supply and demand fundamentals should underpin market prices. November soybean futures are trading 7 ¼ cents lower.
Wheat futures are firming on weather worries. Midday prices are being supported by dry weather concerns across the U.S. Plains states. Lack of soil moisture is expected to slow down the growth process for the forthcoming winter wheat crop. The overall drawback in the grain complex and strength in the dollar index could lead to further losses in the wheat market. Wheat futures across all three exchanges are trading 1 to 2 cents higher.
Live cattle futures are extending losses at midday. Residual selling in the cattle complex and the decline in boxed beef prices are pressuring prices. However, losses should be limited by improving export demand and steady to higher cash prices. Weekly export sales were reported at 16,600 tonnes, 15 percent higher than the previous week. December futures are trading 5 cents lower.
Lean hog futures are trading mixed but mostly lower at midday. Front month (December) contract is being supported by its discount to cash prices while deferred contracts move lower. Lower cash prices and market uncertainty are weighing on futures prices. December hog futures are trading 18 cents higher.
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