Corn futures are trading higher at midsession. Outside markets, slow farmer selling and firm cash markets are supporting prices. Optimism that Europe will soon have a resolution for the euro zone debt crisis has helped support the stock market and crude oil while the dollar index is lower. Farmer selling remains slow despite good harvest progress. In the Crop Progress report due out this afternoon, traders look for corn harvest to be in the 65%-70% range, up from 47% complete last week. December is 5 cents higher at $6.54 1/4 and March is 5 3/4 cents higher at $6.65 3/4.
Soybean futures are trading strongly higher at midday. Futures are rebounding from the losses posted last week. Outside market support, slow farmer selling and firm cash markets are supporting futures trade. The stock market and crude oil are higher while the dollar index is lower as European leaders are working on a plan to resolve the euro zone debt crisis. In addition, China’s economic news was positive over the weekend with their manufacturing sector picking up in October after three months of contraction. November is 20 3/4 cents higher at $12.33 and January is 20 cents higher at $12.40 3/4.
Wheat futures are higher at midsession. Spillover support from corn and soybeans along with outside markets are supporting wheat trade. The dollar index is lower and the stock market is higher on optimism that European leaders will soon settle on a plan to resolve the euro zone debt crisis. However, gains are being limited by the bearish global supply and demand fundamentals. Weekly export inspections of 17.4 million bushels were reported this morning, keeping shipments on pace to reach USDA’s export forecast. CBOT December is 6 3/4 cents higher at $6.38 3/4, KCBT December is 6 3/4 cents higher at $7.29 3/4 and MGE December is 11 cents higher at $9.30 1/4.
Cattle futures are trading lower at midday. The market is being pressured by the Cattle on Feed report and cash market fundamentals. Cattle on Feed numbers were up 5% and September placements were unchanged from last year, both coming in above trade expectations. Also, packer margins are poor and boxed beef prices were down $1.45 on Friday. Losses are being limited by firm corn prices and outside market strength. October is 13 cents lower at $121.80 and December is 28 cents lower at $121.88.
Lean hog futures are mixed at midday. The market is trading mixed this morning. The December contract is being pressured by steady to lower cash bids and on ideas that rising hog supplies could keep cash markets on the defensive. Pork cutouts were up 28 cents on Friday, but rising pork supplies are likely to limit gains from current levels. Also, Friday’s Cold Storage report showed more than expected pork in storage, up 11% from last month and 16% above year-ago. December is 85 cents lower at $88.80 while February is 3 cents higher at $92.05.