Corn futures are lower at midday. After a firm open, futures turned lower as crude oil fell from initial gains and on USDA’s bearish world ending stocks estimate for corn. USDA raised U.S. ending stocks to 1.899 billion bushels, up 100 million from last month, but traders were looking for a slightly larger increase. However, world ending stocks revisions were bearish as they were raised 4 million tonnes. May is 1 1/2 cents lower at $3.46 3/4 and July is 1 1/4 cents lower at $3.58 1/4.
Soybean futures are higher at midsession, but initial gains have been trimmed. Futures were solidly higher on the open as USDA left U.S. ending stocks at 190 million bushels while traders were looking for an increase of nearly 20 million. USDA upped their export forecast to a record 1.445 billion bushels. But gains have been trimmed as corn and wheat have turned lower. May is 4 cents higher at $9.50 1/2 and July is 4 1/2 cents higher at $9.60 1/2.
Wheat futures are lower at midday. After a higher open, the market is shrugging off bullish USDA numbers. USDA lowered their U.S. ending stocks estimate by 51 million bushels and trimmed the world ending stocks estimate by 1 million tonnes. Further losses are being limited by weakness in the dollar. CBOT May is 5 cents lower at $4.64 1/4, KCBT May is 5 cents lower at $4.80 1/2 and MGE May is 5 cents lower at $4.98 3/4.
Cattle futures are trading higher at midsession on fund buying strength. Strength in the stock market and weakness in the dollar are supportive factors. Cash trade was very strong this week and beef prices have rallied to 20-month highs. Cash trade was up $4-$5 this week at $99-$102 on a live basis, the first time prices have hit $100 since July, 2008. April is 55 cents higher at $99.90 and June is 65 cents higher at $94.98.
Lean hog futures are mixed at midday. Pork prices were up $2.03 on Thursday, but the April contract is slightly lower on the weak tone in the cash market and the premium of futures to cash index. But futures are mixed ahead of the weekend as traders consolidate the recent rally to new contract highs. April is 15 cents lower at $76.53 while June is 13 cents higher at $84.85.