Corn futures are trading solidly higher at midday. There is a broad based rally in commodity markets tied to weakness in the dollar and on optimism that Europe’s leaders can resolve the debt crisis during meeting this weekend. Firm cash markets are also providing support. Harvest progress has been strong, but farmer selling has picked up and demand has improved with the recent break in prices. December is 12 1/2 cents higher at $6.62 and March is 13 cents higher at $6.72 1/4.
Soybean futures are higher at midsession. Outside market support and reports that soybean planting in Argentina are short of expectations. Broad-based support for commodities is coming from weakness in the dollar on ideas that a weekend summit will produce some necessary measures to help deal with European debt problems. Harvest progress remains strong, but farmer selling has been light and basis levels are firm. November is 7 cents higher at $12.32 and January is 8 cents higher at $12.38 1/2.
Wheat futures are solidly higher at midsession. Short-covering is supporting the market amid weakness in the dollar and spillover support from corn. Bullish factors for winter wheat are the dry conditions in much of the HRW wheat belt while wet weather in parts of the eastern Corn Belt is delaying some SRW seeding. CBOT December is 17 3/4 cents higher at $6.48 1/2, KCBT December is 21 cents higher at $7.46 and MGE December is 8 cents higher at $9.25 1/2.
Cattle futures are trading lower at midsession. Profit-taking and positioning ahead of the Cattle on Feed report due out after the close is weighing on the market. Trade expectations are for total on feed numbers to be up 4%, September placements down 3% and September marketings up 4%. Cash trade developed yesterday at $120-$121, up about $2 from the previous week. Short-bought packers were forced to raise bids despite poor margins. October is 15 cents lower at $121.30 and December is 20 cents lower at $121.60.
Lean hog futures are trading lower at midday. Ideas that the cash market and pork cutouts could soon be topping are weighing on the market. Cash markets firmed on Thursday, but pork cutouts were down 73 cents. Packer margins remain favorable, but have tightened some recently. Profit-taking ahead of the weekend is also a bearish factor after many contracts set new highs earlier this week. December is 43 cents lower at $89.55 and February is 50 cents lower at $92.00.