Soy complex firms at midday
Corn futures are trading higher at midday. Although prices are higher today, the market is stuck in a narrow trading range between 5 to 7 cents higher. Corn futures along with the other grain markets are rebounding this morning on bargain buying. The market should see added support from weakness in the dollar index; however weak export demand and favorable growing conditions in the southern hemisphere will continue to pressure prices. December corn futures are trading 4 ½ cents higher.
Soybean futures are firming at midday. Soybean futures are adding to gains after futures hit a one month low on Monday due to long liquidation. Yesterday’s sharp decline in prices sparked renewed buying interest in the soy complex as traders looked to take advantage of the lower prices. Weakness in the dollar index and strong cash basis also contributed to today’s price rally. November soybean futures are trading 16 ½ cents higher.
Wheat futures are trading sporadically mixed at midday. Wheat futures across all three exchanges have traded both sided of unchanged this morning. Prices are seeing some support by way of firm gains in the soy complex; however, soft demand for U.S. wheat continues to plague the market. Also, lack of fresh news surrounding the wheat market is limiting futures from breaking its narrow trading pattern. December wheat at CBOT is trading½ cents higher; KCBT is trading 1 ¾ cents lower; and MGE is trading 1 ½ cents lower.
Live cattle futures are trading higher at midday. Stock markets are closed once again today due to Hurricane Sandy and will provide no direction for commodity markets. However, prices are seeing support from improvement in wholesale beef prices. Choice beef cuts increases 68 cent on yesterday while select declined slightly. Analysts and traders remain concerned that the impact of Hurricane Sandy will dampen demand for meat products and possibly limit gains throughout the session. December cattle futures are trading 53 cents higher.
Lean hog futures are trading higher at midday. Lean hog futures are rebounding despite demand concerns as a result of Hurricane Sandy. Prices are firming on the increase in wholesale pork prices and expectations for higher cash prices after processors raised bids on Monday. December hog futures are trading 10 cents higher.
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