Corn futures are trading higher at midday. Commodity markets are being supported strength in the stock market and weakness in the dollar index. Reports over the weekend indicate that European leaders are near an agreement to deal with the euro-zone debt crisis. However, further gains are being limited by sluggish export demand. December is 7 3/4 cents higher at $5.90 1/4 and March is 7 cents higher at $5.97.
Soybean futures are solidly higher at midsession. The rally is being attributed to short-covering rally that is being triggered by strength in the stock market and weakness in the dollar index. Optimism that European leaders will agree to measures to deal with the euro-zone debt crisis is supporting outside market. Fundamental news for soybeans is limited but there are ideas that China will continue to be strong customer for U.S. soybeans. January is 14 cents higher at $11.20 1/2 and March is 12 1/2 cents higher at $11.28 1/4.
Wheat futures are trading higher at midday. The market is being supported by weakness in the dollar index and strength in the stock market. The wheat market was due for a bounce following recent weakness. Outside markets are finding support from optimism that European leaders will agree to a plan to deal with the euro-debt crisis. Further gains are being limited by sluggish export demand. Weekly export inspections reported this morning were sluggish again at only 15.4 million bushels. CBOT December is 3 cents higher at $5.77 1/2, KCBT December is 3 3/4 cents higher at $6.47 1/4 and MGE December is 4 1/2 cents higher at $8.31 3/4.
Cattle futures are trading narrowly mixed at midsession. Strength in the stock market supported futures trade early in the session on optimism that euro-zone leaders will soon reach an agreement to deal with the debt crisis. But gains are being limited by caution about the cash market. Packer margins remain poor, which could limit cash trade this week. December is 5 cents higher at $121.15 while February is 15 cents lower at $122.15.
Lean hog futures are lower at midday. Profit-taking from the recent rally is weighing on futures despite support from outside market. Strength in the stock market and weakness in the dollar index are helping to limit losses. Cash markets are mostly steady to start the week. Packers have early week needs covered but cash bids could firm later this week as packer margins remain favorable. December is 83 cents lower at $87.48 and February is 90 cents lower at $90.90.
Cotton futures are trading higher at midsession. Strength in the stock market and weakness in the dollar index are leading to some fund buying interest this morning. December is 78 points higher at 91.60 and March is 95 points higher at 91.82 cents.