Corn futures are trading mixed at midday. Corn futures have traded both sides of unchanged, but old-crop futures have a firmer tone at midday as traders focus on tightening physical supplies and strong basis levels. Weekly export sales were solid at 32.5 million bushels. Only a very small sale to China was included in the weekly sales report and the unknown category was only marginally higher. May corn is 4 ½ cents higher at $6.15 ½. The December contract is 2 cents lower at $5.36.
Soybean futures are trading higher at midsession. Soybean and product prices are adding onto gains made on Tuesday for much the same reason. As the soybean harvest progresses in South America, the later harvests remain disappointing. There had been some hope that the double-cropped soybeans in Argentina would yield better due to being planted later when rains improved. But frost has hit that crop. Meanwhile, rumors are flying about more Chinese buying of U.S. beans. The May contract is up 13 3/4 cents at $14.75 and the November contract is up 9 1/4 cents at $13.61 1/4.
Wheat futures are trading mixed at midday. CBOT and KCBT futures are rebounding from yesterday’s losses in lockstep with the rebound in corn. The outside markets are all supportive to commodities in general today as well. The MGE futures are down again, however, mostly on forecasts for very beneficial rain for the northern Plains and western Canadian prairies over the next week to 10 days. CBOT May is up 8 ¼ cents at $6.24 ¾, while KCBT May is up 3 ¼ cents at $6.35 ¼. MGE May, however, is down 2 ¾ cents at $7.80.
Cattle futures are trading mixed at midday. Nearby futures contracts are higher as the market rebounds from the BSE news earlier this week. So far only Indonesia has placed import restrictions on U.S. beef and it’s not a total ban. Indonesia accounts for less than 1% of U.S. beef exports. Still, foreign consumer demand is a concern, particularly in Asia. June cattle futures are 80 cents higher $113.07 and August is 42 cents higher at $116.42.
Lean hog futures are trading mixed at midday. Prices started the day lower for all contracts due to another drop in the cutout value. But hog futures have battled back. Most contracts are still in the red, but the June and October contracts have moved to the plus side. There is little positive news to move the market, but prices have declined by so much in the last few weeks making a modest bounce possible. The May contract is 93 cents lower at $86.20 but June is up 43 cents at $88.00.