Corn futures are lower at midday. The market is being pressured by strength in the dollar and weakness in crude oil. Rain in the Corn Belt is generally seen as beneficial for the crop given the strong pace of planting already this spring. But losses are being limited by reports of China buying U.S. corn and ideas that they will purchase more. July is 1 1/2 cents lower at $3.76 3/4 and December is 1/2 of a cent lower at $3.92.
Soybean futures are trading higher at midsession. Tight cash markets and a jump in Gulf basis levels are supporting futures. However, further gains are being limited by strength in the dollar and weakness in crude oil futures. Weekly export sales reported this morning at 9.7 million bushels of old-crop and 7.8 million of new-crop were at the low end of trade expectations. July is 2 1/2 cents higher at $9.68 and November is 1 1/4 cents higher at $9.61 1/2.
Wheat futures are lower at midday. Strength in the dollar and abundant wheat supplies in the U.S. and globally are weighing on futures. Cold weather in the Plains is not expected to cause any significant damage to the winter wheat crop and soil moisture levels are plentiful. Futures are lower despite weekly export sales of 9 million bushels of old-crop and 8.9 million bushels of new-crop being above trade expectations. CBOT July is 6 1/2 cents lower at $4.85, KCBT July is 6 cents lower at $5.01 and MGE July is 6 1/4 cents lower at $5.23 3/4.
Cattle futures are trading higher at midsession. The market is recovering slightly from the losses on Wednesday, but gains are being limited by concern that beef prices are topping. Demand for beef is expected to decline once wholesale Memorial weekend orders are filled. Cash trade was firm this week at $100 in the southern Plains, but that was below trade expectations. June is 5 cents higher at $95.75 and August is 20 cents higher at $94.90.
Lean hog futures are mixed at midday. Front end futures are being pressured by ideas that pork prices are topping. Cash trade has firmed recently, but if pork prices turn lower packers could be forced to push the cash market lower. However, deferreds are still higher amid the projections for hog numbers to tighten. June is 35 cents lower at $85.30 while August is 20 cents higher at $85.45.