Corn futures are sharply lower at midday. Follow-through selling from Thursday and continued fund long liquidation is weighing on the market. The September contract is trading down the expanded 45 cent limit. The larger-than-expected acreage number, the quarterly stocks number that was well above pre-report trade estimates and generally favorable crop weather remain bearish factors ahead of the extended holiday weekend. September is 45 cents lower at $6.03 and December is 38cents lower at $5.82 1/2.
Soybean futures are trading higher at midsession. The market is recovery from losses yesterday despite further weakness in corn today. USDA’s acreage estimate was supportive as USDA’s 75.2 million estimate was well below trade expectations. Weather conditions are currently favorable for most of the crop, but weather uncertainty remains for the critical time frame for soybeans in August. August is 9 1/2 cents higher at $13.09 and November is 11 1/2 cents higher at $13.05 1/2.
Wheat futures are mixed at midday. The CBOT is slightly lower on spillover pressure from corn, but the KCBT and MGE are higher on a short-covering bounce ahead of the extended holiday weekend. Ideas that USDA could cut spring wheat acreage from the recent estimate are supportive as USDA will resurvey several states for acreage. However, gains are being limited by active harvest pressure and technical weakness. CBOT September is 2 1/2 cents lower at $6.11 3/4, KCBT September is 3 1/4 cents higher at $7.10 1/2 and MGE Sep is 1 1/2 cents higher at $7.96 1/2.
Cattle futures are trading higher at midsession. Trade is light ahead of the extended holiday weekend, but futures are rebounding from losses yesterday despite further weakness in corn prices. Strength in the stock market is a supportive factor. Cash trade has not yet developed this week, but near steady trade is expected with last week. August is $1.23 higher at $112.10 and October is 80 cents higher at $118.00.
Lean hog futures are higher at midday. The discount of futures to cash and short-covering from the losses yesterday are supporting futures despite further weakness in the corn market. Traders are covering short positions ahead of the holiday weekend and volume is light. Cash hog prices have slipped recently, but are now just below record high levels. August is 83 cents higher at $92.50 and October is 45 cents higher at $86.68.