Corn futures are trading lower at midsession. The weakness is being attributed to profit-taking at the end of the year. Weekly export sales of 29.8 million bushels were at the low end of trade expectations. However, according to the Ag Minister in China the country will no longer have a corn surplus despite increased production due to rising corn processing and animal feed use. March is 8 1/4 cents lower at $6.15 3/4 and May is 8 1/2 cents lower at $6.23 1/2.    


Soybean futures are higher at midday. The market is rebounding from the losses on Wednesday. Weekly export sales reported this morning were strong again at 34.9 million bushels, which were within pre-report trade expectations. Soybean oil is providing support for the soy complex, although lower crude oil prices are limiting gains. January is 1 1/4 cents lower at $13.64 3/4 and March is 2 cents lower at $13.75.   


Wheat futures are strongly lower at midsession. Profit-taking is weighing on futures following the rally to a five month high on Wednesday for the CBOT spot contract. Weekly export sales reported the morning of 16.1 million bushels were below the range of pre-report trade estimates. Positioning ahead of expected heavy selling when index fund rebalance in January is also weighing on trade. CBOT March is 16 1/4 cents lower at $7.83, KCBT March is 13 1/2 cents lower at $8.44 1/4 and MGE March is 7 1/4 cents lower at $8.76.    


Cattle futures are trading mixed at midday. Strength in the cash market and beef prices have helped push the December futures higher. Cash trade was up $3-$4 on a live basis this week at $106-$107. Choice cutouts were up $1.55 and select cuts were $1.67 higher on Wednesday. But deferreds have turned lower on profit-taking. February is 43 cents higher at $106.75 while February is 35 cents lower at $107.90.


Lean hog futures have turned lower at midsession. Profit-taking ahead of the extended New Year holiday and futures premium to cash are weighing on futures. The market is lower despite the over $2 jump in national average cash prices on Wednesday. Packers were short-bought and needed supplies for next week’s slaughter schedules. February is 65 cents lower at $78.95 and April is 85 cents lower at $82.50.


Cotton futures are trading mixed at midday. The nearby is lower on further profit-taking ahead of the three day holiday weekend. But deferreds are trading higher on some short-covering from recent losses. March is 43 points lower at 140.00 while May is 110 points higher at 132.78 cents.