Corn futures are trading higher at midsession. Spillover support from soybeans, USDA’s daily report of a 120,000 tonne export sale to an “unknown destination” and weakness in the dollar are supportive factors. In addition, demand for corn to use in ethanol production remains strong and cold and wintery weather in the Plains and Midwest will increase feed needs. March is 4 3/4 cents higher at $6.64 1/4 and December is 3 3/4 cents higher at $6.30.
Soybean futures are strongly higher at midday. The market is being supported by the continued port strike in Argentina, weakness in the dollar and cold weather across much of the U.S. that will increase soybean meal feed needs. The port strike has been going for a week and so far 45 ships have reportedly been stopped from being loaded. March is 15 1/2 cents higher at $14.28 1/2 and November is 17 1/4 cents higher at $13.58 1/4.
Wheat futures are trading mixed at midsession. Profit-taking from the big gains on Monday and concern about delayed wheat shipments to Egypt due to the political unrest are weighing on futures. But some contracts are higher on weakness in the dollar and improved export demand. KCBT is also finding support from dry conditions in the western Plains and only limited snowfall from the recent weather system. CBOT March is 1 cent lower at $8.39 3/4, KCBT March is 4 1/4 cents higher at $9.29 and MGE March is 1 1/4 cents higher at $9.81.
Cattle futures are trading mixed at midsession. Profit-taking weighed on futures this morning, but the market turned mixed on support from firm beef prices on Monday and the cold and wintery weather in the Plains that will slow feedlot performance and disrupt marketings. Cash trade is not likely until later in the week, but it is expected to steady to firm compared with last week. February is 10 cents lower at $108.85 while April is 30 cents higher at $114.35.
Lean hog futures are strongly lower at midday. The market is being pressured by profit-taking from the rally on Monday that pushed the June contract to a new all-time high for any lean hog contracts. Futures are already at a premium to cash, but cash fundamentals are supportive. Pork cutouts have held firm and wintery weather in the Midwest is expected to limit marketings for several days this week. February is $2.30 lower at $84.95 and April is $1.45 lower at $92.55.
Cotton futures are trading strongly higher this morning. Speculative buying is being triggered by strong demand and tight stocks along with the need to compete for acreage in the spring. March cotton is 203 points higher at 170.47 cents and December is 215 points higher at 116.35 cents.