Corn futures are trading mixed at midday. Spillover strength from wheat and the projections for tight ending stocks of corn are supporting the market at times. USDA will update Supply/Demand estimates on Wednesday morning. Gains are being limited and some contracts are lower on pressure from strength in the dollar and weakness in crude oil futures. March is unchanged at $6.78 1/2 and December is 3/4 of a cent at $6.01.
Soybean futures are trading higher at midsession. Strong demand and the outlook for tight ending stocks are supporting the market. USDA will update the Supply/Demand report on Wednesday morning. Gains are being limited by more beneficial rainfall for the soybean crop in Argentina and expectations for a big crop in Brazil. March is 1 cent higher at $14.34 3/4 and November is 4 cents higher at $13.73.
Wheat futures are solidly higher at midday. News that Egypt had made its first export tender in nearly a month helped feed bullish ideas of improving export demand. Concerns about further damage to the winter wheat crop in the Plains are also supporting the market. Weather forecasts call for cold weather this week. Weekly export inspections reported this morning were 29.7 million bushels, up 4.9 million from the previous week. CBOT March is 10 cents higher at $8.63 3/4, KCBT march 14 1/4 cents higher at $9.57 and MGE March is 11 1/4 cents higher at $9.99 3/4.
Cattle futures are trading mostly lower at midsession. Strength in the dollar and weakness in boxed beef prices are weighing on futures. Before turning lower, futures opened higher following strength in the cash on Friday. Cash cattle trade developed at $107 in Texas late last week, up $1 from the bulk of trade last week. February is 13 cents lower at $108.13 and April is 40 cents lower at $112.63.
Lean hog futures are mostly higher at midday. Strength in the cash market is providing support despite the premium held to the cash market. Deferred contracts have been pulled higher as well despite strength in the dollar and weakness in some commodity markets. February is 73 cents higher at $85.23 and April is 50 cents higher at $92.15.
Cotton futures are sharply higher at midsession. Speculative buying has pushed prices up sharply despite the National Cotton Council’s planting intentions estimate that calls for cotton area to be up 14% from last year. March is 700 points higher at 174.86 cents and December is 629 points higher at 120.20 cents.