Corn futures are trading narrowly mixed at midday. The market is choppy as traders are waiting for the Supply/Demand report on Friday morning for direction. Trade expectations are for USDA to lower ending stocks to near 800 million bushels, which would be the lowest level in 15 years. Weekly export sales this morning of 26.4 million bushels of old-crop fell within trade expectations. March is 1/2 of a cent lower at $5.74 and May is 1/4 of a cent lower at $5.82 1/2.
Soybean futures are lower at midsession. Profit-taking from the rally on Wednesday and positioning ahead of the Supply/Demand report are weighing on the market. Weekly export sales reported this morning were within trade expectations at 23.4 million bushels of old-crop and 8.6 million bushels of new-crop. January is 7 cents lower at $12.89 1/2 and March is 7 cents lower at $12.98.
Wheat futures are trading mixed at midday. The market is choppy ahead of the Supply/Demand report. The KCBT and MGE continue to be supported by dry conditions in the Plains and wheat crop quality concern in eastern Australia. Weekly export sales of 19.7 million bushels of old-crop and 7 million of new-crop were above trade expectations. CBOT March is 2 cents lower at $7.82 and KCBT March is 4 cents higher at $8.41 1/2 and MGE March is 3 1/4 cents higher at $8.66.
Cattle futures are trading lower at midsession as traders wait for the cash market to develop. After being aggressive in buying cattle the past two weeks, packers apparently have better inventory this week. Packer margins are poor, which could lead to lower bids this week. Losses are being limited by firm beef prices. Choice cutouts were up 16 cents on Wednesday. December is 55 cents lower at $101.55 and April is 20 cents lower at $107.68.
Lean hog futures are mostly lower at midday. December is higher on recent strength in the cash market and firm poor prices. Forecasts for cold and wintery weather in the Midwest this weekend could disrupt marketings early next week. But deferreds are being pressured by the premium to the nearby and strength in the dollar, which is bearish for pork exports. December is 53 cents higher at $69.33 and February is unchanged at $75.68.
Cotton futures are trading strongly higher at midsession. The market is rallying ahead of the Supply/Demand report due out on Friday. The report is expected to reaffirm very tight cotton stocks. Weekly export sales fell within trade expectations at 323,700 bales. March is up the 400 points limit at 135.95 cents and May is 400 points higher at 128.20 cents.