Corn futures are trading steady to slightly lower at midday in light volume as traders gear up for the extended holiday weekend. Light profit-taking has developed following gains early this week. But losses are being limited by improved export demand reported from last week and concern about the corn crops being stressed in Brazil and Argentina. March is 1/2 of a cent lower at $6.17 and May is 3/4 of a cent lower at $6.25 1/2.
Soybean futures are trading steady to slightly higher at midsession. Light short-covering ahead of the extended holiday weekend is providing light support in thin volume trade. Concerns about dry weather crop stress in Brazil and Argentina are providing some underlying support. January is 1/2 of a cent higher at $11.62 3/4 and March is unchanged at $11.71 3/4.
Wheat futures are trading higher at midday. Short-covering ahead of the extended holiday weekend is supporting the market. Some traders are also covering positions ahead of year-end. But trading volume is light and trade is likely to be limited ahead of the close. CBOT March is 3 1/4 cents higher at $6.25, KCBT March is 6 1/2 cents higher at $6.79 and MGE March is 3 1/4 cents higher at $8.47.
Cattle futures are trading slightly higher at midsession. Strength in the cash market pushed prices sharply higher on Thursday, but gains are subdued today as traders gear up for the holiday weekend. Cash prices developed in Nebraska on late Thursday at up $8 to $10 from last week at $202 to $204 on a dressed basis. Packers were short-bought and needed cattle from areas not hit by the snowstorm earlier this week. February is 35 cents higher at $123.80 and April is 23 cents higher at $127.03.
Lean hog futures are higher at midday. The market is being supported by positioning ahead of the quarterly Hogs and Pigs report due out today. However, trade expectations are for a bearish report. The total size of the hog and pig her as of December 1 is expected to be up 1.3% from last year. Cash hog prices are steady to weak in very light trade ahead of the holiday weekend and the shortened slaughter schedules next week. February is 45 cents higher at $85.00 and April is 25 cents higher at $88.20.