Corn futures are trading higher at midsession. Strength in soybeans and wheat following fresh export business are supporting the corn market. Dry weather in Argentina that is weighing on corn production prospects and expectations for the ethanol tax cut to be in the proposed Tax Bill are supportive factors. Strength in the dollar is limit gains. March is 2 1/2 cents higher at $5.89 3/4 and May is 2 1/2 cents higher at $5.97 1/2.
Soybean futures are solidly higher at midday. Spot contract prices have rallied to the highest level in a month. Technical buying and reports of fresh export business with China pushed prices higher. Soybean meal is supporting the soy complex on ideas that cold weather will increase feed demand. January is 13 1/2 cents higher at $13.09 1/2 and March is 13 1/4 cents higher at $13.19 1/4.
Wheat futures are trading higher at midsession. The market turned higher on reports the Egypt bought 110,000 tonnes and the country Jordan bought 150,000 tonnes of HRW wheat from the U.S. There remains concern about dry weather in the western Plains. Gains are being limited by strength in the dollar. CBOT March is 7 1/2 cents higher at $7.70 3/4, KCBT March is 5 3/4 cents higher at $8.20 3/4 and MGE March is 9 1/2 cents higher at $8.53.
Cattle are trading lower at midsession as the futures market waits for direction from the cash market. Wholesale beef prices have been holding up relatively well, but there is concern that demand will slow seasonally during the holidays. Cash trade is expected to be near steady with last week, but if beef prices were to ease the cash market would likely soften. December is 33 cents lower at $101.50 and February is 53 cents lower at $104.00.
Lean hog futures are lower at midday. The premium of futures to cash and steady to lower cash bids this morning are weighing on futures. Pork prices were up 93 cents on Tuesday, but there is concern that pork prices will soften as demand slows seasonally during the holidays. February is 43 cents lower at $75.70 and April is 20 cents lower at $79.85.
Cotton futures are strongly lower at midsession. Profit-taking from recent strong gains are weighing on the market. Strength in the dollar has helped trigger the sell-off. March is 225 points lower at 142.30 cents and May is 250 points lower at 133.88 cents.