Corn futures are trading slightly lower at midday. The market has been choppy this morning as the market consolidates following the losses this week. The rebound in crude oil futures has helped limit losses, although buying interest is being limited by bearish momentum and some further fund long liquidation. July is 6 1/4 cents lower at $7.02 1/2 and December is 3 1/4 cents lower at $6.52 1/2.
Soybean futures are higher at midsession. Short-covering from recent losses are supporting the market. Strength in the stock market and crude oil are supportive factors. The market has been pressured this week by fund long liquidation and the sharp decline in energy and precious metal prices this week. Also, export demand sluggish as China slows their buying and as global demand has shifted to South America. July is 9 cents higher at $13.30 3/4 and November is 9 cents higher at $13.16 1/4.
Wheat futures are higher at midday. The rebound in outside market and bullish fundamentals are supporting futures. Crude oil has turned higher this morning and the stock market is solidly higher. Poor winter wheat conditions ratings and ideas of a much smaller HRW crop this year remains an underlying bullish market factor. CBOT July is 7 cents higher at $7.61, KCBT July is 11 1/4 cents higher at $8.68 1/4 and MGE July is 7 3/4 cents higher at $9.03 1/4.
Cattle futures are trading lower at midsession. Weakness in boxed beef prices on Thursday and the weak tone in the cash market the past couple of weeks are weighing on futures. But losses are being limited by a rebound in the stock market. Also, export demand remains strong. Last week’s export sales were up 75% from the three-year average. Year-to-date exports are up 33% from a year-ago. June is 55 cents lower at $109.20 and August is 40 cents lower at $111.48.
Lean hog futures are mixed at midday. The market is choppy this morning as traders consolidate recent moves. Lean hog futures were able to trade higher on Thursday despite a big decline in most other commodities. Stability in the cash market on Thursday is supportive for futures. Packer margins remain poor, but tight market ready hog supplies should be supportive. June is 8 cents lower at $92.35 and August is 40 cents higher at $94.60.
Cotton futures are trading mixed at midsession. Front end futures are slightly lower while short-covering from recent losses has helped new-crop futures trade slightly higher. July is 15 cents lower at 146.71 cents and December is 113 points higher at 123.21 cents.