Corn futures are trading higher at midsession. Weakness in the dollar and positioning ahead of the USDA reports due out on Wednesday morning are supporting the market. U.S. corn production is expected to be revised slightly lower and ending stocks are expected to decline. December is 7 3/4 cents higher at $6.61 and March is 6 cents higher at $6.71 1/4.
Soybean futures are higher at midday. The market is being supported by weakness in the dollar and short-covering following the losses on Monday as traders even positions ahead of the USDA reports due out Wednesday morning. Traders are not expecting production to change much, but ending stocks are expected to be revised higher due to a decline in the export forecast. January is 8 1/4 cents higher at $12.10 and March is 8 cents higher at $12.19 1/2.
Wheat futures are higher at midsession. Outside markets are supporting trade as the market gears up for the USDA reports due out on Wednesday morning. Weakness in the dollar and strength in the stock market has encouraged some fund buying. Traders are looking for a decline in wheat ending stocks of about 20 million bushels from the October estimate. CBOT Dec is 7 1/4 cents higher at $6.46, KCBT Dec is 3 cents higher at $7.27 1/2 and MGE Dec is 12 3/4 cents higher at $9.41.
Cattle futures are trading higher at midday. The market is being supported by the jump in choice beef prices and expectations for steady to firm cash trade this week. Packer margins remain poor, but at least there is some optimism that beef will continue to improve following the rally in prices on Monday. December is 10 cents higher at $123.50 and February is 63 cents higher at $125.90.
Lean hog futures lower at midsession. The weak tone in the cash market continues to weigh on the cash market. Pork prices fell to the lowest level in five months last week, although cutouts rebounded some on Monday. Seasonally sluggish demand and rising supplies have combined to pressure the cash market and futures trade. December is 13 cents lower at $85.50 and February is 5 cents lower at $88.35.