Corn, wheat trading higher at midday
Corn futures are exhibiting strength with help from firm gains in the wheat market. Technical buying and production worries fueled double digit gains in the wheat market consequently provided support to corn futures. Futures prices could experience some resistance as a result of limited price shifting news and position squaring ahead of Friday’s November WASDE report. December corn futures are trading 6 cents higher at $7.47.
Soybean futures trading lower at midsession. The soybean market is being pressured by several factors. Improving planting conditions in Argentina and Brazil and the likelihood that the South American soybean crop could be record large for the current marketing year are limiting gains in the market. Expectations that USDA will increase soybean production and yield estimates in the November WASDE is also bearish for prices. January soybean futures are trading 2 ¾ cents lower at $15.14.
Wheat futures are posting firm gains at midsession. Global and domestic wheat productions concerns have pushed futures over 1 percent higher this morning. Several reductions to output in key wheat producing countries have provided much speculation that demand for U.S. could increase. However, dry weather conditions across the U.S. Plains have traders and analysts concerned about the production output of new crop winter wheat. The dollar index is higher but is having minimal affect on futures. December wheat at CBOT is trading 17 ¼ cents higher at $8.94 ¼.
Cattle futures are seeing sharp losses across the board at midday. Although wholesale beef prices are showing signs of life again, sharp losses in the outside (stock) markets and keeping futures under pressure. News that another storm could possibly hit the east coast has increased concern about meat consumption/demand once again. Cash trade has yet to develop and cash prices are called lower than the previous week. December cattle futures are called 43 cents lower at $125.25.
Lean hog futures are trading higher despite demand concerns. Hog futures were pressured at the opening of pit trading on news of another strong storm to hit the east coast and its implications for meat consumption and demand. However, futures were able to rebound on futures discount to CME cash index (front month contract) and renewed packer buying interest. December hog futures are trading 73 cents higher at $78.30.
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