Corn
futures are trading lower at midday. Profit-taking on the gains posted
yesterday and outside markets are pressuring trade. The dollar is higher this
morning while crude oil futures and equities are lower. Rain has slowed spring
fieldwork in the Midwest this week, but drier weather is being forecast,
especially the eastern Corn Belt. Strong export sales last week of 53.5 million
bushels of old-crop corn are helping to limit further losses. May is 7 3/4 cents
lower at $3.48 3/4 and July is 7 3/4 cents lower at $3.60.    

 

Soybean
futures are lower at midsession. Outside market pressure and profit-taking from
the gains on Wednesday are weighing on futures. The dollar is higher while
crude oil and equities are lower this morning. Improved harvest weather in
Brazil is a bearish factor as demand for U.S. soybeans should tail off soon in
favor of South American supplies. But weekly export sales reported this morning
were above trade expectations at 16.3 million bushels of old and new-crop
soybeans. May is 4 cents lower at $9.48 1/2 and July is 3 3/4 cents lower at
$9.57 3/4.  

 

Wheat
futures are lower at midday. Profit-taking from the strong rally yesterday and
the firm dollar are pressuring prices. Fundamentals remain mostly bearish given
the large U.S. and world supplies of wheat. Strong winter wheat condition
ratings are also a bearish factor. Losses are being limited by
better-than-expected weekly export sales of 19.6 million bushels of old and
new-crop wheat. CBOT May is 6 1/2 cents lower at $4.68 3/4, KCBT May is 5 1/2 cents
lower at $4.86 1/2 and MGE May is 2 1/4 cents lower at $5.04.    

 

Cattle
futures are trading lower at midsession. Profit-taking is weighing on prices
after hitting the highest level in 18 months earlier this week. Cash trade
developed earlier than normal this week at higher prices. With most cash
business done for the week, futures traders are left with little news to trade.
Choice beef prices were a little lower on Wednesday after hitting the highest
level in 20 months on Tuesday. April is 33 cents lower at $99.13 and June is 43
cents lower at $94.33.

 

Lean
hog futures are lower at midday. After hitting new highs in many contracts this
morning, profit-taking has developed to push futures lower. Cash trade is
mostly steady today as poor packer margins are limiting packer bids. Pork
prices have been mixed the past couple of days, but are at 2 1/2 month highs. April
is 43 cents lower at $76.75 and June is 70 cents lower at $83.90.