Corn futures are trading higher at midday. Firm cash markets and better-than-expected weekly export sales reported this morning are supporting futures. Export commitments last week of 45.1 million bushels of old and new-crop corn were above trade expectations. Further gains are being limited by strength in the dollar and continued favorable planting weather in the Midwest. May is 3 3/4 cents higher at $3.61 3/4 and July is 3 1/4 cents higher at $3.71 3/4.
Soybean futures are higher at midsession. After a lower open, futures have rebounded to trade higher on spillover support from corn. Weekly export sales last week of 16.6 million bushels were within trade expectations. Old-crop sales of 5.8 million bushels were still above the pace needed to reach USDA’s export forecast. May is 3 1/2 cents higher at $9.72 1/2 and July is 3 1/2 cents higher at $9.80 1/2.
Wheat futures are higher at midday. Spillover strength from corn and short-covering are supportive factors. Gains are being limited by bearish fundamentals and strength in the dollar. Weekly export sales reported this morning were only 15.1 million bushels of old and new-crop. Old-crop sales of 3.7 million bushels were well below the pace needed to reach USDA’s export forecast. CBOT May is 5 1/2 cents higher at $4.80 1/4, KCBT May is 5 1/2 cents higher at $4.96 and MGE May is 6 1/2 cents higher at $5.13.
Cattle futures are trading mostly higher at midsession. Short-covering from the recent sell-off is supporting futures. But gains are being limited by the cash trade this week that was down about $1 from last week at $99-$100. Beef prices were mixed on Wednesday, but are trading near 21 month highs. April is 8 cents higher at $97.20 and June is 65 cents higher at $93.60.
Lean hog futures are higher at midday. Strength in the cash market and further gains in pork prices are supporting futures trade. Pork cutout values were up $1.17 on Wednesday. The April contract expires at noon CT today and the premium of deferred futures are limiting gains. April is 38 cents higher at $77.80 and June is 70 cents higher at $85.65.