Grains holding steady gains at midday

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Corn futures are trading higher at midsession. USDA grain export inspections were quite bearish for the corn market. Pre-trade estimates were between 16.0 and 21.0 million bushels; however USDA reported export inspections at 9.6 million bushels. Overall, corn futures are steady, between 2 to 3 cents higher with price support tied to gains in the wheat market and the positive affects a Ukrainian wheat export ban could have on the U.S. corn market. December corn futures are trading 3 cents higher.

Soybeans futures are trading higher at midsession. Soybean futures are being securely underpinned by strong export demand. Weekly export shipments were particularly bullish for the market this morning. USDA reported soybean shipments at 61.4 million bushels, sharply higher than the upper range of analysts’ estimates. Speculation that the South American soybean crop may not be as large as anticipated is also supporting futures. November soybean futures are trading 13 ½ cents higher.

Wheat futures are trading higher at midsession. Wheat futures are trading firmly higher as global supply worries increase. News that the Ukraine is strongly considering export ban and continued dry weather in Australia are fueling buying support in U.S. wheat. Also, there has been some speculative talk that a Ukrainian export ban may lead to Russia implementing some type of export control. However, it is only speculative talk and has not been confirmed. December wheat at CBOT is trading 8 cents higher.

Live cattle futures are strengthening at midsession. Cattle futures are posting strong gains despite weakness in wholesale beef prices. Prices are being supported by last week’s bullish cattle on feed report. October 1 cattle on feed was reported down 2.6% from the previous year, which was below analysts’ expectations. September placements were also reported at a 16 year low. The market is also being strengthened by last week’s strong cash market trade. December cattle futures are trading 15 cents higher.

Lean hog futures are lower at midsession. Lean hog futures are trading defensively on weak demand by packers despite a firm jump in the pork carcass value. Last week’s pork cutout jumped above $89 on firm demand for certain pork cuts. Pre position squaring ahead of this afternoon’s cold storage report is also negatively affecting futures. December lean hog futures are trading 77 cents lower.


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