Corn futures are trading higher at midsession. Fund buying has been trigged continued talk of export sales to China, spillover support from soybeans, weakness in the dollar and strong weekly export sales reported this morning. Export commitments of 32.9 million bushels were at the very high end of trade expectations. May is 8 1/4 cents higher at $6.67 and December is 5 3/4 cents higher at $5.69 3/4.
Soybean futures are solidly higher at midday. Strong export demand including sales to China, declining crop prospects for the soybean crop in South America and weakness in the dollar index are supportive prices. Weekly export sales reported this morning were very strong and well above trade expectations at 51.2 million bushels. China was included in the old and new-crop sales. May is 14 1/2 cents higher at $13.64 3/4 and November is 11 3/4 cents higher at $13.22 3/4.
Wheat futures are trading higher at midsession. Spillover support from corn and reports of export sales to Iran and Egypt helped push prices higher. Weakness in the dollar index this morning is beneficial for the export market. The market is higher despite weekly export sales reported this were at 13.2 million bushels, which fell well below last week and was under pre-report trade expectations. CBOT May is 15 1/2 cents higher at $6.59 1/4, KCBT May is 15 1/2 cents higher at $6.96 1/2 and MGE May is 11 cents higher at $8.17 1/2.
Cattle futures are trading higher at midsession. Short-covering and some ideas that cash trade will be steady with the $127 trade last week are supporting the market. Packer margins remain poor and boxed beef prices are declining, but tight supplies of market ready cattle will be supportive. Optimism for seasonally improving demand soon is also helping the market rally. April is 58 cents higher at $127.60 and June is 45 cents higher at $124.35.
Lean hog futures are higher at midday. Strength in the cash market is helping to support the futures market. Hog prices were up solidly yesterday and are steady to higher again this morning. Cash trade is being supported by packers paying higher prices for hogs to fill out slaughter schedules. However, further gains are being limited by the 60 cent decline in pork cutout values and the poor packer margins. April is 15 cents higher at $87.55 and June is 40 cents higher at $94.95.