Corn futures are trading mixed at midday. Light strength in the dollar index and strong losses in crude oil futures has weighed on the market at times this morning. Improved chances of rainfall in Argentina are also a bearish for the market although it would be a little late in the season to help the corn crop much. Support is being generated by better-than-expected weekly export sales reported this morning. New commitments last week were 29.9 million bushels. March is 1 cent higher at $6.07 and May is 1/2 of a cent higher at $6.12 1/2.
Soybean futures are lower at midsession. Strength in the dollar index and strong losses in crude oil futures are weighing on the market. In addition, weather forecasts are calling for improved chances of rainfall in the dry areas of southern Brazil and Argentina. The market is lower despite a bullish weekly export sales report this morning. Sales of 36.4 million bushels were well above normal with significant sales being reported to China. March is 9 cents lower at $11.88 and May is 7 1/2 cents lower at $11.96 3/4.
Wheat futures are lower at midday. Light strength in the dollar index and spillover pressure from soybeans are weighing on the market. The bearish global supply and demand fundamentals remain an underlying negative factor. However, larger-than-expected weekly export sales reported this morning is helping to limit loses. Export sales of 21.5 million bushels were above trade expectations. CBOT March is 2 1/2 cents lower at $6.03 1/4, KCBT March is 1 1/4 cents lower at $6.56 3/4 and MGE march is 1 1/2 cents lower at $7.97 1/2.
Cattle futures are trading higher midsession. The nearby contract is being supported by strength in the cash market late on Thursday. Cash trade jumped to $126 live, up about $3 from the previous week. Packers raised bids despite strongly negative processing margins. Deferred contracts are mixed on positioning ahead of the Cattle on Feed report due out this afternoon. February is 45 cents higher at $124.65 while April is 5 cents higher at $127.85.
Lean hog futures are slightly lower at midday. The market is being pressured by the 56 cent decline in pork cutouts on Thursday. There is concern that the rally in pork prices is about out of steam. Losses are being limited by some short-covering ahead of the weekend. February is 5 cents lower at $85.35 and April is 35 cents lower at $87.15.