Corn futures are trading mixed at midsession. After opening firm, technical selling and profit-taking is weighing lightly on front end contract after the spot month had rallied to a 30-month high. The downturn in crude oil also added pressure. However, deferreds are mostly higher on the projections for tight ending stocks. Also, further weakness in the dollar is a positive factor for exports. March is 4 3/4 cents lower at $6.54 3/4 and May is 4 3/4 cents lower at $6.64 1/2.
Soybean futures are higher at midday. News during the Chinese delegation visit to Chicago that they will buy 2.0 million tonnes of new-crop soybeans is supporting the market. The farmer strike in Argentina that could temporarily disrupt their export market is also support. Further weakness in the dollar is a bullish factor for commodity markets. March is 7 1/4 cents higher at $14.20 3/4 and May is 7 1/4 cents higher at $14.30 1/2.
Wheat futures are trading solidly higher at midsession. The recent uptick in global export demand for wheat, further weakness in the dollar and concern about the HRW crop in the western Plains are supportive factors. Dry weather and limited snowcover for wheat in the Plains has raised concern about the condition of the crop and possible winterkill. CBOT March is 11 3/4 cents higher at $8.05, KCBT March is 7 1/4 cents higher at $8.83 3/4 and MGE March is 10 1/2 cents higher at $9.16 1/2.
Cattle futures are trading mixed at midday. After posting record and contract highs on Tuesday, profit-taking has developed to push futures lower. However, the market is choppy as cash fundamentals remain favorable. Boxed beef prices continue to strengthen and cash trade is expected to develop this week at $1-$2 higher than the mostly $108 trade last week. February is 5 cents higher at $109.25 while June is 33 cents lower at $112.75.
Lean hog futures are higher at midsession. The small gain in pork cutout values on Tuesday and firm cash bids are providing light support to futures. Cash trade should be supported by tightening supplies of market ready hogs over the next few weeks. Weakness in the dollar is also supportive as it should benefit pork exports. February is 8 cents higher at $80.55 and April is 43 cents higher at 87.15.
Cotton futures are trading sharply higher. Front end contracts are up the 500 points limit this morning on spillover support from other crop markets, weakness in the dollar and speculative buying are supporting futures. March is 500 points higher at 150.44 cents and May is 500 points higher at 145.37 cents.