Corn futures are trading mostly lower at midday. Light profit-taking from the gains on Thursday are weighing on the market. New-crop futures are leading the losses on ideas of increased corn acreage this spring. Above normal temperatures in the Corn Belt will help with spring field work and will lead to some early planting. May is 1/2 of a cent lower at $6.68 1/2 and December is 1 3/4 cents lower at $5.70 1/2.
Soybean futures are higher at midsession. The market is higher on strong export demand and declining soybean production estimates for South America. Weakness in the dollar index and strength in crude oil futures are also providing some support. But gains are being limited by profit-taking ahead of the weekend as futures are near 6-month highs. May is 3 cents higher at $13.72 and November is 1 1/4 cents higher at $13.27 1/2.
Wheat futures are mostly lower at midday. Winter wheat markets are being pressured by profit-taking following the gains posted on Thursday. Warm weather is helping winter wheat growth in the Plains and Midwest. Forecasts currently show no threat for a late freeze. Losses are being limited by weakness in the dollar, which should benefit export demand for U.S. wheat. CBOT May is 1 cent lower at $6.63 3/4, KCBT May is 4 1/4 cents lower at $7.09 and MGE May is unchanged at $8.20 1/4.
Cattle futures are trading lower at midsession. Short-covering ahead of the weekend and futures discount to this week’s cash market supported front end contracts on the open. However, prices have turned lower on concern about beef demand as boxed beef prices continue to decline. April is 98 cents lower at $124.60 and June is $1.15 lower at $121.70.
Lean hog futures are lower at midday. The market is being pressured by the weak tone in the cash market and declining pork cutout values. Pork prices were down $1.03 on Thursday. Packers are trying to push cash markets lower to help improve margins, which have been hurt by sluggish pork cutouts values. April is 70 cents lower at $86.20 and June is 23 cents lower at $93.90.