Corn futures are trading higher at midday. The market is being supported by technical buying and strength in the cash market. The dollar index is trading lower this morning, which is supportive for commodity markets. Some traders are beginning to position for the USDA Supply/Demand report due out on Friday. May is 5 cents higher at $6.60 and December is 3 cents higher at $5.73.
Soybean futures are mixed at midsession. Light profit-taking following the rally in the market over the past ten trading session weighed on prices early. However, losses are being limited and front end contracts are higher on recent export business with China and ideas of continued strong export demand for U.S. soybeans due to the smaller soybean crop in South America. May is 1 cent higher at $13.34 and November is 3/4 of a cent lower at $12.97 1/4.
Wheat futures are mixed at midday. Winter wheat markets are trading lower on profit-taking and positioning ahead of the March Supply/Demand report due out Friday morning. Record global wheat production and rising stocks remains a bearish factor for wheat. However, the MGE is trading higher on bullish momentum and concern about the conditions in the northern Plains ahead of spring wheat planting. CBOT May is 1 1/4 cents lower at $6.73 1/4, KCBT May is 1/2 cents lower at $7.18 1/2 while MGE May is 8 cents higher at $8.39 1/2.
Cattle futures are trading lower at midsession. The market is being pressured by profit-taking and concern that record high wholesale beef prices will hurt demand. Boxed beef prices turned lower on Friday. However, losses are being limited by strength in the cash market. Tight supplies of market ready cattle have helped feedlots work cash markets higher. Cash trade was firm last week and prices were record high at $130 on a live basis. April is 55 cents lower at $129.40 and June is 55 cents lower at $126.73.
Lean hog futures are slightly lower at midday. Light profit-taking from the gains in futures on Friday are weighing on the market. Cash markets are mostly steady to start the week. Most packers have needs covered fairly well for this week, but processing margins remain poor. April is 10 cents lower at $90.33 and June is 45 cents lower at $99.05.