Corn futures are trading strongly higher at midday. Outside market support and firm cash markets are pushing futures higher. Strength in the stock market and crude are bullish factors. Cash basis levels remain firm as farmer selling has been light despite harvest wrapping up in many areas. Weekly export sales reported this morning were solid at 26.1 million bushels. December is 10 cents higher at $6.55 and March is 9 cents higher at $6.65.
Soybean futures are sharply higher at midsession. Short-covering from technically oversold levels has been triggered by outside market support. The stock market and crude oil are trading solidly higher this morning. Cash basis levels have firmed as farmer selling remains light despite harvest being completed in many areas. Futures are higher despite a poor weekly export sales report total this morning of only 7.7 million bushels. November is 21 3/4 cents higher at $12.15 1/4 and January is 19 3/4 cents higher at $12.22 1/2.
Wheat futures are higher at midday. Spillover support from corn and outside markets are pushing prices higher. The stock market is trading higher while the dollar index is lower. Lingering concern about the HRW crop is supportive despite some forecast for rain in the Plains. Gains in futures are being limited by sluggish export demand. Weekly export sales of 11.8 million bushels were at the very low end of pre-report trade expectations. CBOT December is 16 1/4 cents higher at $6.39 3/4, KCBT December is 12 1/2 cents higher at $7.25 1/2 and MGE December is 12 cents higher at $9.22 1/4.
Cattle futures are trading higher at midsession. Strength in the cash market earlier this week and outside market support is pushing futures higher. Strength in the stock market is a positive factor for demand. There is optimism for improved exports to Japan as reports indicate that will allow beef from cattle 30 months or younger versus 20 months currently. December is $1.60 higher at $123.60 and February is 78 cents higher at $125.25.
Lean hog futures are mixed at midday. Front end futures are being pressured by the $1.18 decline in pork cutouts on Wednesday and the steady to lower tone in the cash market. Plentiful hog numbers and declining pork prices are weighing on cash trade. Rising pork supplies are outweighing demand at this time despite ideas of continued strong exports. December is 38 cents lower at $86.50 and February is 38 cents lower at $89.35.