Corn futures are trading mostly lower at midsession. Profit-taking from recent gains are weighing on the market. The losses are being triggered by strong gains in the dollar index and weakness in crude oil futures this morning. Losses are being limited and new-crop corn has turned slightly higher due to strength in soybeans as that market has turned higher after a lower open. May is 2 1/4 cents lower at $6.51 3/4 and December is 3/4 of a cent higher at $5.67 1/2.
Soybean futures are higher at midday. The market opened lower, but turned higher again as bullish momentum continues to support trade. Early weakness was attributed to profit-taking from the recent nine-session rally that had pushed prices to five-month highs. But the market continues to find support from strong export demand and declining soybean production estimates for South America. May is 6 cents higher at $13.28 1/2 and November is 1 3/4 cents higher at $12.96.
Wheat futures are higher at midsession. The market opened lower, but has turned higher on short-covering. Futures are trading higher despite strong gains in the dollar index. There is concern that unseasonably warm and windy weather in the Plains will bring wheat out of dormancy, increasing moisture requirements and leaving the crop vulnerable to a frost this spring. Commercial buying is a supportive factor for the MGE. CBOT May is 4 1/2 cents higher at $6.68 1/2, KCBT May is 4 cents higher at $7.10 and MGE May is 10 cents higher at $8.27.
Cattle futures are trading mostly lower at midsession. Profit-taking ahead of the weekend and strength in the dollar index are weighing on the market. However, weakness is being limited by ideas that some cash trade could take place late this week up $2-$3 from last week. Packers are believed to be short-bought and market ready cattle supplies are tight. April is 5 cents lower at $130.90 and June is 15 cents lower at $127.98.
Lean hog futures are trading mostly higher at midday. Short-covering and the firm tone in the cash market are supporting futures trade. Technical buying is also providing some support as front end contracts push above technical resistance. However, further gains are being limited by some weakness in pork cutout values this week and the poor packer processing margins. Strength in the dollar index is a bearish factor for pork exports. April is 35 cents higher at $90.55 and June is 23 cents higher at $99.53.