Soy market firm during midmorning trade

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Corn futures are trading higher this midmorning. Corn futures are trading narrowly after posting steady gains overnight. There is not much fresh news surrounding the market and this could be a limiting factor for upside movement. The lower dollar index and outside market strength should be beneficial for prices today. Trade is expected to be sluggish most of the session because of the U.S. presidential elections and position squaring ahead of Friday’s WASDE report. December corn futures are trading 2 ¼ cents higher.

Soybean futures are holding steady midmorning. Futures prices holding gains on renewed buying interest brisk demand. Monday’s export shipments were reported as 59.4 million bushels, sharply higher than the USDA recommendations. Also, futures are seeing additional support from Oil World’s forecast that Argentina’s soybean crop will likely fall below earlier forecast due to recent heavy rains. January 2013 futures are trading 11 cents higher.

Wheat futures are trading higher midmorning. Moisture depleted soils and dry weather conditions across the U.S. Plains have traders and analysts concerned about the production output of new crop winter wheat. The concerns are lending support to futures prices at CBOT and KCBT. Higher prices in the other grain markets along with the lower dollar index are supporting futures as well at this hour. Trade volume is expected to be slower than usual due to the U.S. Presidential Elections. December wheat futures at CBOT are trading 8 ½ cents higher.

Live cattle futures are trading mostly lower midmorning. Front month (December) contract is posting marginal gains on short cover and mixed beef prices. However, unsupportive fundamentals remain burdensome for the market as deferred contracts edge lower. Cash trade in currently undeveloped with expectations of lower prices versus the previous week. December cattle futures are trading 12 higher.

Lean hog futures are trading mostly lower midmorning. The market is remains under pressure from plentiful pork supply. Demand for pork heading into the holiday season is weak which while cash prices continue to edge lower. Trade is expected to be sluggish most of the session because of the U.S. presidential elections. December hog futures are trading 2 cents higher.

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