Corn futures are trading lower at midday. Favorable weather for crop development in the Corn Belt and weakness in crude oil and stock market are weighing on futures. Losses are being limited by a bullish Weekly Export Sales report this morning. Export sales of 57.3 million bushels were well above trade expectations. July is 1 cent lower at $3.45 1/2 and December is 1/2 of a cent lower at $3.65.
Soybean futures are mixed at midsession. Short-covering and firm cash markets amid tight supplies are supporting front end contracts. In addition, weekly export sales reported this morning were above trade expectations at 19.9 million bushels. But deferreds are lower on generally favorable weather for crop development in the Midwest. July is 5 1/2 cents higher at $9.63 1/2 and November is 2 1/4 cents lower at $9.21 1/4.
Wheat futures are higher at midday. Short-covering and the better than expected wheat export sales are supporting prices. Export sales last week of 26.5 million bushels were above trade expectations. Gains are being limited by abundant global wheat supplies. The International Grains Council raised their world wheat crop forecast by 4 million tonnes this month. CBOT July is 4 cents higher at $4.66 1/4, KCBT July is 1 1/2 cents higher at $4.96 1/2 and MGE July is 1/2 cent higher at $5.32 3/4.
Cattle futures are trading slightly higher at midsession. Cash trade has been steady this week at $91. Futures are finding light support on the discount of futures to cash and optimism for wholesale demand ahead of the Fourth of July weekend. Gains are being limited by weakness in the stock market. June is 40 cents higher at $90.65 and August is 48 cents higher at $88.98.
Lean hog futures steady to higher at midday. Trading volume is light as the market gears up for the quarterly Hogs and Pigs report due out on Friday afternoon. The 48 cent decline in pork cutouts and weakness in the stock market is limiting gains in deferreds while the premium of the July contract to cash is pressuring the nearby. July is 60 cents lower at $80.85 while August is 15 cents higher at $84.38.