Corn futures are trading higher at midday. Short-covering from recent weakness is helping to support prices this morning. Concern about demand at high prices and some talk of better than expected yields in some early harvest reports have weighed on prices. But the projections for a smaller crop this year and a decline in ending stocks remains an underlying supportive factor. December is 1/2 of a cent higher at $7.23 1/2 and March is 3/4 of a cent higher at $7.37 1/4.
Soybean futures are trading slightly lower at midsession. Strength in the dollar and weakness in crude oil are weighing slightly on the market. NOPA monthly crush was reported this morning at 118.8 million bushels in August, about 1 million bushels below trade expectations. Losses are being limited by some concern that frost could damage some of the soybean crop in the upper Midwest over the next couple of nights. November is 6 1/2 cents lower at $13.85 1/4 and January is 6 1/2 cents lower at $13.96.
Wheat futures are mixed at midday. The CBOT has turned higher on short-covering after hitting the lowest level in a month on Tuesday. Strength in corn is also a supportive factor. But gains are being limited by sluggish export demand as Egypt bypassed the U.S. in a recent export tender. The KCBT is lower as weather forecasts call for some much needed rainfall in the HRW wheat belt. CBOT December is 5 1/2 cents higher at $7.07 1/2, KCBT December is 4 1/2 cents lower at $7.98 and MGE December is 3/4 of a cent higher at $8.77 1/2.
Cattle futures are trading higher at midsession. Strength in beef prices and expectations for firm cash trade this week are supporting the market. Choice cutouts were up $2.34 on Tuesday. Smaller showlists and the improved beef prices should support cash trade. Strong export demand has helped push beef prices higher. October is 53 cents higher at $120.13 and December is 28 cents higher at $120.03.
Lean hog futures are higher at midday. Higher pork prices on Tuesday and the firm tone in the cash market are supporting the futures market. Pork cutout prices were up 56 cents. Strong export demand has been able to help pork prices stabilizing after recently pulling back from record high levels. October is $1.05 higher at $88.20 and December is 68 cents higher at $83.50.