Corn futures are trading lower at midday. Weaker-than-expected weekly export sales of 14.5 million bushels, profit-taking and ideas that index funds will need to sell corn to rebalance portfolios are weighing on the market. Outside markets are also bearish as the dollar is strongly higher while crude oil is trading lower. March is 7 1/4 cents lower at $6.12 and May is 7 1/4 cents lower at $6.20 1/4.
Soybean futures are lower at midsession. Profit-taking from the strong gains on Wednesday and outside markets are pressuring futures trade. The dollar is strongly higher while crude oil is trading lower. Losses are being limited by strong export demand and tight ending stocks projections. Export sales 20.3 million bushels fell within trade expectations and shipments of 36.1 million bushels were well above the pace needed to reach USDA’s export forecast. January is 12 1/2 cents lower at $13.73 1/2 and March is 12 1/2 cents lower at $13.81.
Wheat futures are trading lower at midday. Strength in the dollar and profit-taking from the rally on Wednesday are weighing on the market. But losses are being limited by weekly export sales of 17.1 million bushels, which were at the high end of trade expectations, and concern about continued dry weather in the western Plains that is maintaining concern about HRW crop prospects. CBOT March is 12 1/2 cents lower at $7.95 3/4, KCBT March is 9 cents lower at $8.64 1/4 and MGE March is 9 1/2 cents lower at $8.89 1/2.
Cattle futures are trading higher at midsession. Gains in boxed beef prices are supporting futures trade. Choice beef prices are at the highest level since May. Cash trade remains at the highest level since 2003, although prices eased slightly during the week. Gains are being limited by the premium of futures to cash and some concern that cash prices have peaked. February is 48 cents higher at $107.10 and April is 50 cents higher at $111.05.
Lean hog futures are solidly higher at midday. Strength in the cash market is supporting futures trade. Cash prices were up as much as $2.50 on Wednesday and the tone today is steady to firm. Packers are short-bought and in need of hogs for slaughter schedules. Ideas that market ready hog numbers will tighten this week are also supportive. February is $1.38 higher at $79.40 and April is $1.33 higher at $83.50.
Cotton futures are trading strongly higher at midsession. Bullish fundamentals and speculative buying are supporting the market despite weakness in other crop markets and strength in the dollar. March cotton is 153 points higher at 146.73 cents.