Corn futures are trading higher at midsession. The market opened lower on outside market pressure but has turned higher on short-covering and bargain hunting in light volume trade. Strength in the dollar index and weakness in the stock market and crude oil futures are limiting strength. Trading volume is expected to remain light today ahead of the USDA reports due out on Friday morning and the summit by European leader on Friday over the euro-zone debt crisis. March is 3 1/4 cents higher at $5.96 and May is 3 cents higher at $6.04 1/4.
Soybean futures are higher at midday. Futures were pressured early in the session by outside markets as doubts arose that European leaders will resolve the debt crisis on Friday. The dollar index is higher while the stock market and crude oil are lower. But the market has turned higher on positioning ahead of the USDA reports due out on Friday morning and by the supportive weekly export sales today released this morning of 29.2 million bushels. January is 3 1/4 cents higher at $11.34 1/4 and March is 3 1/2 cents higher at $11.44 1/2.
Wheat futures are steady to slightly higher at midsession. Strength in the dollar index and the lack of supportive export news weighed on the market early in the session. But the market has turned higher on spillover strength in corn and short-covering ahead of the USDA Supply/Demand report to be released on Friday morning. Weekly export sales of 15.7 million bushels were within the range of trade estimates. CBOT March is 1/4 of cent higher at $6.00 3/4, KCBT March is 2 cents higher at $6.63 1/4 and MGE March is 1/2 of a cent higher at $8.23 3/4.
Cattle futures are trading narrowly mixed at midday. After the sharp drop in futures prices on Monday, the market has traded sideways. The lack of cash trade so far this week has limited market activity so far today. Packer processing margins remain very poor, but beef prices have been able to run higher this week. December is 18 cents higher at $119.33 while February is 13 cents lower at $119.65.
Lean hog futures are lower at midsession. The weak tone in the cash market and the 87 cent drop in pork cutout prices are weighing on the futures. Calculated packer processing margins are still positive, but they have tightened recently. With most packers having needs covered for the week there is little buying interest in the cash market. December is 50 cents lower at $85.50 and February is 70 cents lower at $88.10.