Wheat under pressure at midday
Corn futures are trading higher at midday. Corn futures are sustaining gains on spillover buying in the soybean market. Selling pressure has subsided and traders are taking advantage of lower market prices. Weakness is the dollar index is also favorable for futures at this hour. Weekly export sales were neutral at 326,900 tonnes, which was within the trade estimate range. December corn is trading 3 ¾ cents higher.
Soybean futures are trading higher at midday. Bargain hunting traders are taking advantage of steep losses in the complex over the last two sessions; consequently leading to surging prices. Bullish weekly export sales are also supporting prices. Sales totaled 1,296,600 tonnes, topping the higher end of trade expectations, indicating firm demand for U.S. soybeans. November soybeans are trading 24 cents higher.
Wheat futures are trading mixed at midday. Wheat features are experiencing slight pressure from bearish export sales and lack of supportive fundamentals. Prices are stuck in a sideways trading pattern although the other grain markets seem pushing higher. Nevertheless, the lower dollar index and spillover from the soybean market could potentially spark renewed buying before the closing bell.
Live cattle futures are trading lower at midday. Cash trade uncertainty is weighing heavily on cattle futures. As of this morning, no transactions had taken place even though some packers appear to be short bought this week. Packer margins are in the red and bids for this week’s showlist are $4 to $5 lower than asking prices. Wholesale beef prices are higher as well as export sales this week. The October contract is trading 28 cents lower.
Lean hog futures are posting sharp gains at midday. Front month (October) contract is up $1.65 on expectations for higher cash prices. Strength in the grain complex is supporting deferred contracts with June/July 2013 contracts within cents of hitting $100 per cwt. Traders are also optimistic that hog slaughter is beginning to decline, decreasing the amount of pork on the market.
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