Corn futures are rallying at midday. Corn futures are experiencing an extra boost in prices on technical buying and end of the month positioning. Gains in the grain complex is another supportive factor for the market. USDA’s weekly crop progress report is scheduled to be released this afternoon with expectations that corn harvest will be 93 percent complete. December corn futures are trading 12 ¼ cents higher.
Soybean futures are posting firm gains at midday on month end funding buying. Prices are also being lifted by news that heavy rains in South America are hindering the soybean planting process in certain regions. USDA is scheduled to release its crop progress report this afternoon and the trade is expecting soybean harvest 88 percent complete. November soybean futures are trading 16 cents higher.
Wheat futures are trading higher at midday, bucking pressure from weak export demand. Wheat futures are also trading higher on month end fund buying and technical buying. Strong gains in the grain complex are also supporting the market. December wheat futures at CBOT are trading 13 ¾ cents higher, 8 ¾ cents higher at KCBT, and 13 cents higher at MGE
Live cattle futures are trading lower at midday. Live cattle futures are being pressured by profit taking and sagging wholesale beef prices. Futures were also negatively affected as traders liquidated positions in the October contract (today was last day trade). Movement in the cash market picked up yesterday with prices steady to lower. December cattle futures are trading 25 cents lower.
Lean hog futures are trading moderately higher at midsession. Hog futures are edging higher despite lackluster fundamentals. Traders continue to monitor the demand situation as a result of Hurricane Sandy. Demand is expected to pick up as consumers, grocers, etc will need to replenish food items lost due to lack of power. Strong gains in the grain complex are helping to support deferred contracts. December hog futures are trading 90 cents higher.