Corn futures are trading solidly higher at midday. The market is rebounding from recent losses. Traders are gearing up for the USDA Supply/Demand report on Friday morning. Trade estimates are for USDA to trim ending stocks to near 800 million bushels, which would be the lowest level in 15 years. Strength in the dollar is limiting further losses. March is 11 3/4 cents higher at $5.73 1/4 and May is 11 1/2 cents higher at $85.81 1/4.
Soybean futures are higher at midsession. The market is being supported by ideas of a bullish Supply/Demand report due out on Friday morning. Trade estimates are for ending stocks to be cut around 20 million bushels to 160 million, which is historically very tight. Strong demand, primarily from China continues to be a supportive factor. January is 8 1/2 cents higher at $12.94 and March is 8 1/4 cents higher at $13.02 1/2.
Wheat futures are higher at midday. Strength in corn and ideas that USDA will lower U.S. ending stocks estimate on Friday morning is supporting futures trade. Heavy rainfall in Australia is expected to lower much of their crop to feed grade quality. Gains are being limited by strength in the dollar and sluggish export demand. CBOT March is 6 1/2 cents higher at $7.91 1/4, KCBT March is 12 cents higher at $8.44 1/2 and MGE March is 9 1/4 cents higher at $8.64 1/4.
Cattle futures are trading narrowly mixed at midsession as traders are waiting for the cash market to develop for direction. Futures had rallied to new highs early this week before profit-taking pressured prices yesterday, leading to the consolidation trade today. December is 13 cents higher at $102.40 and February is 50 cents higher at $105.05.
Lean hog futures are mixed at midday. Front end contracts are being supported by the 82 cents jump in pork cutouts. But deferred contracts are mostly lower amid strength in the dollar, which is bearish for the commodity market. December is 50 cents higher at $68.55 and February is 3 cents higher at $75.35.
Cotton futures are trading lower at midsession. Strength in the dollar is weighing on the market. Further losses are being limited by caution ahead of the Supply/Demand report due out on Friday morning. March is 37 points lower at 130.00 cents and May is 94 points lower at 123.10 cents.