Corn futures are strongly higher at midday. The market is being supported by a technical bounce and outside markets. The dollar is trading lower while the stock market and crude oil are higher. Further gains are being limited by weekly export sales reported this morning at 21 million bushels, which was at the low end of trade expectations. December is 14 1/2 cents higher at $5.40 1/4 and March is 14 1/2 cents higher at $5.53 3/4.
Soybean futures are up sharply at midsession. Futures are being supported by a weaker dollar and strength in the stock market and crude oil. Strong weekly export sales were reported this morning. Export commitments last week of 37.0 million bushels of old-crop and 6.2 million bushels of new crop were above trade expectations. Dry weather is becoming a concern for western Argentina. January is 32 cents higher at $12.37 and March is 32 1/2 cents higher at $12.44 1/2.
Wheat futures are trading higher at midday. Commodity markets are being supported by weakness in the dollar and strength in the stock market. In addition for wheat, weekly export sales of 34.7 million bushels of old-crop wheat were above trade expectations. Dry weather in the western Plains continue to hamper winter wheat condition ratings, but some areas will benefit from recent rainfall. CBOT Dec is 13 3/4 cents higher at $6.46 1/4, KCBT Dec is 14 cents higher at $7.09 1/2 and MGE Dec is 15 cents higher at $7.25 1/2.
Cattle futures are trading strongly higher at midsession. The market is being supported by strength in the stock market and weakness in the dollar. Cash trade this week has been mostly steady at $98-$98.50. Choice beef prices were up $1.18 on Wednesday. Further gains may be limited by caution ahead of the Cattle on Feed report. Trade estimates are for on-feed supplies to be up 2.8% from last year. December is $1.00 higher at $100.35 and February is $1.35 higher at $103.95.
Lean hog futures are mostly higher at midday. The front end December contract is lower amid weakness in the cash market and the premium of futures to cash. Pork cutouts values were down 87 cents on Wednesday. But deferreds have been pulled higher by strength in the stock market and weakness in the dollar. December is 53 cents lower at $68.10 while February is 60 cents higher at $74.75.
Cotton futures are trading sharply higher at midsession. Speculative buying and weakness in the dollar are pushing prices higher. Cotton fundamentals remain supportive and weekly export sales reported this morning were strong at 491,400 bales. December is 371 points higher at 132.61 cents and March is 422 points higher at 128.37 cents.