Corn futures are trading mixed at midday. Profit-taking is weighing on new-crop contracts following the strong gains posted yesterday. Gains have been trimmed in the old-crop July contract, but the market is higher on recent strength in the cash market. Increased export demand has been supportive for old-crop as weekly export sales reported this morning were above expectations at 33.2 million bushels of old-crop and 12.1 million bushels of new-crop commitments. July is 3 1/4 cents higher at $7.53 while December is 5 cents lower at $6.67 3/4.
Soybean futures are lower at midsession. Profit-taking is weighing on the market following the strong gains on Wednesday. The losses in crude oil are also contributing to the weakness in soybeans. Export demand has slowed, but there were some sales to China in the Weekly Export Sales report. For the 2011/12 marketing year, China bought 110,000 tons of U.S. soybeans. July is cents lower at $13.75 1/2 and November is 5 1/2 cents lower at $13.47 3/4.
Wheat futures are trading mixed at midday. Profit-taking is weighing on front in CBOT contracts following the rally to a three-month high early in the session. However, the KCBT and MGE are higher amid concerns about hard red winter and spring wheat production prospects. Winter wheat condition ratings continue to decline in the southern and western Plains and the spring wheat planting pace in the northern Plains remains slow. CBOT July is 2 1/4 cents lower at $8.14 3/4, KCBT is 7 3/4 cents higher at $9.45 3/4 and MGE July is 8 3/4 cents higher at $10.05.
Cattle futures are trading lower at midsession. Concern about weak demand and declining cash prices this week are weighing on the market. Choice cutout prices were down 96 cents on Wednesday and boxed beef prices could soften as wholesalers wrap up purchases for Memorial weekend. Cash trade so far this week is down about $8 on a dressed basis in the North and down $4 on a live basis in the southern Plains. June is 45 cents lower at $105.80 and August is 48 cents lower at $108.70.
Lean hog futures are lower at midday. Technical selling and concern about pork demand is weighing on futures. Pork prices were up 57 cents on Wednesday, but pork prices are expected to fall as wholesalers wrap up Memorial weekend purchases. The futures market is lower despite steady to firm cash markets as market ready supplies of hogs continue to tighten. June is 80 cents lower at $90.85 and July is 40 cents lower at $91.15.
Cotton futures are strongly lower at midsession. Profit-taking from the rally early this week is weighing on the market. Weakness in crude oil has also encouraged some fund selling. July is 512 points lower at 154.74 cents and December is 508 points lower at 117.90 cents.