Corn futures are trading higher at midday. The market has been choppy this morning, but is finding light support from outside markets. The stock market and crude oil futures are higher while the dollar index is lower. Gains are being limited by seasonal harvest pressure. Forecasts call for a mostly try weather pattern through the weekend that should increase harvest activity. Positioning ahead of the quarterly Grain Stocks report is limiting market activity. December is 3 cents higher at $6.33 3/4 and March is 2 1/2 cents higher at $6.46 1/2.
Soybean futures are higher at midsession. Stronger than expected weekly export sales and outside markets are supporting soybean futures. Export sales last week were 38 million bushels, which was above trade expectations. Strength in the stock market and crude oil and weakness in the dollar are helping futures recover from recent losses that have pushed prices to the lowest level in ten months. November is 9 1/2 cents higher at $12.33 and January is 8 1/4 cents higher at $12.43 3/4.
Wheat futures are solidly higher at midday. The MGE is posting strong gains this morning as traders are expecting USDA to show a smaller U.S. spring wheat crop in the Small Grains summary on Friday morning. Weakness in the dollar and short-covering from recent losses are also supporting wheat futures trade. CBOT December is 13 1/4 cents higher at $6.52, KCBT December is 12 1/2 cents higher at $7.39 1/4 and MGE December is 38 cents higher at $8.99 1/4.
Cattle futures are trading higher at midsession. Ideas of firm cash trade this week and strength in the stock market are supporting futures trade. While packer margins are tight and boxed beef prices have been sluggish, traders are looking for cash trade to be up $1-$2 this week due to tight supplies of market ready cattle. December is 18 cents higher at $121.03 and February is 28 cents higher at $123.30.
Lean hog futures are higher at midday. The bearish Hogs and Pigs report was quickly dismissed this morning and futures have turned higher. There is talk that China could continue buying U.S. pork in the coming months. Deferreds have been pulled higher despite the Hogs and Pigs report showing a year-to-year increase of 1% in the September 1 inventory of market hogs and the breeding hog inventory was up 0.6 percent. October is $1.05 higher at $89.83 and December is $1.83 higher at $85.30.