Corn futures are trading higher at midsession. Futures are being supported by outside markets on ideas that global economy will benefit from an agreement from EU leaders to deal with the euro zone debt crisis. The stock market and crude oil are strongly higher while the dollar index is lower. However, gains are being limited by the bearish weekly export sales report. Sales last week of 14.2 million bushels were well below trade expectations. December is 4 cents higher at $6.41 1/4 and March is 3 1/4 cents higher at $6.52 3/4.
Soybean futures are trading solidly higher at midday. Commodity markets are being supported by optimism for the global economy following news that EU leaders have agreed on a plan to deal with euro zone debt. The dollar index is down sharply while the stock market and crude oil futures are higher. Further gains are being limited by disappointing weekly export sales. Export commitments last week of 9.4 million bushels were the lowest in four months and well below pre-report trade expectations. November is 13 1/4 cents higher at $12.23 3/4 and January is 13 3/4 cents higher at $12.33 1/2.
Wheat futures are higher at midsession. Broad based commodity support is coming from news of a deal by European leaders to deal with the debt crisis in Greece. The U.S. dollar index is trading sharply lower, which is bullish for wheat prices. However, poor weekly export sales reported this morning are limiting further gains as U.S. wheat struggles to compete with wheat from the Black Sea region. Weekly export sales last week of 11.6 million bushels were at the very low end of trade expectations. CBOT December is 7 1/2 cents higher at $6.27, KCBT December is 6 cents higher at $7.22 and MGE December is 6 3/4 cents higher at $9.17.
Cattle futures are trading lower at midsession. Futures were supported early in the session by strength in the stock market and weakness in the dollar index. Outside markets are being supported by reports of a European deal to help Greece with their debt. But concern that higher beef prices will hurt demand and uncertainty about the cash market pushed futures lower. October is 40 cents lower at $120.65 and December is 13 cents lower at $120.30.
Lean hog futures are trading mostly lower midday. Strength in the stock market and weakness in the dollar has provided some support to the nearby. However, recent weakness in pork cutout values and increased market ready hog supplies are limiting gains and weighing on deferred contracts. There is concern that cash and pork cutout values have peaked. December is 18 cents higher at $87.20 while February is 15 cents lower at $89.50.