Corn futures are lower at midsession. Ample grain supplies globally are limiting export demand. Weekly export sales reported this morning were only 19.9 million bushels. Technical weakness and the weak trend in the market have continued to weigh on the market this morning, but losses are being limited by weakness in the dollar index and strength in the stock market. March is 1/2 of a cent lower at $5.80 1/4 and May is 3/4 of a cent lower at $5.88 1/2.
Soybean futures are trading higher at midday. The market is being supported by short-covering and some growing concern about dry conditions in South American soybean growing areas. Dryness is becoming a concern in southern Brazil and central Argentina. Weakness in the dollar index and strength in the stock market are also supporting futures. Weekly export sales reported this morning at 17.2 million bushels were within trade expectations. January is 8 3/4 cents higher at $11.08 3/4 and March is 8 1/2 cents higher at $11.18 1/2.
Wheat futures are steady to higher at midsession. Light short-covering is supporting the market as the market rebounds from the new lows set on Wednesday. The market is finding light support as well from weakness in the dollar index and strength in the stock market. But gains are being limited by sluggish export demand. Weekly export sales of 11.7 million bushels were at the low end of trade expectations. CBOT March is 4 cents higher at $5.84 3/4, KCBT March is 7 1/2 cents higher at $6.43 and MGE March is 1/4 of a cent higher at $8.16.
Cattle futures are trading mixed at midday. The market is choppy as traders wait for the cash market to develop and on position evening ahead of the Cattle on Feed report to be released this Friday. Expectations are expected to be steady to lower. Packers have slowed slaughter due to poor processing margins. December is 23 cents higher at $118.40 and February is 63 cents higher at $119.40.
Lean hog futures are lower at midsession. The market is being pressured by the steady to weak tone in the cash market. Packer processing margins remain favorable, but packers are said to have hogs to cover this week’s slaughter. Further losses are being limited by weakness in the dollar index and strength in the stock market. February is 33 cents lower at $86.00 and April is 35 cents lower at $88.25.