Corn futures are mixed at midday. A bullish weekly export sales report is helping to support corn trade despite further strength in the dollar and weakness in crude oil and equities this morning. Weekly export sales were a new marketing year high with old-crop sales at 72.9 million bushels. The strong pace of corn planting is a bearish factor. July is 3 3/4 cents higher at $3.76 3/4 and December is 1 3/4 cents higher at $3.91.
Soybean futures are mixed at midsession. Front end futures have been pulled higher by spillover support from corn. But deferreds are lower amid strength in the dollar, weakness in crude oil and less than expected weekly export sales. Sales last week of 10.4 million bushels and 7.7 million bushels of new-crop were at the low end of pre-report trade expectations. July is 1 1/4 cents higher at $9.79 3/4 and November is 1 1/4 cents lower at $9.54 1/4.
Wheat futures are trading lower at midday. Strength in the dollar and sluggish weekly export sales are weighing on the market. Export sales last week only totaled 5.5 million bushels of old-crop and 4.9 million bushels of new-crop. Further losses are being limited by the Wheat Quality Council’s crop tour of the Kansas wheat crop that is so far indicating yield potential close to 2009 despite much higher crop condition ratings. CBOT July is 5 cents lower at $5.07, KCBT July is 2 1/2 cents lower at $5.21 1/2 and MGE July is 3 cents lower at $5.40 1/2.
Cattle futures are trading steady to lower at midsession. Strength in the dollar and weakness in the stock market is weighing on futures. However, losses in the June contract are being limited by strength in cash cattle trade this week and the discount of futures to cash. Tight supplies of market ready cattle and favorable margins are expected to support the cash market again next week. June is unchanged at $96.70 and August is 38 cents lower at $94.88.
Lean hog futures are mixed at midday. The June contract is being supported by strength in the cash market this week. But gains are being limited and some contracts are lower on fund selling, strength in the dollar and weakness in the stock market. There is concern that pork cutout have topped after recently hitting the highest level in 20 months. Pork cutouts were down 70 cents on Wednesday. June is 18 cents higher at $84.65 while July is 25 cents lower at $84.95.