Corn futures are trading higher at midsession. The market is being supported by weakness in the dollar, strong weekly export sales and the winter storm in the Corn Belt that will delay the tail end of harvest. Weekly export sales reported this morning were well above trade expectations at 60.2 million bushels, a new high for the marketing year. Gains are being limited by thin, pre-holiday trade. March corn is 1 1/4 cents higher at $4.06 and May is 1 1/4 cents higher at $4.16 1/2.
Soybean futures are slightly lower at midday. The market traded slightly higher early on weakness in the dollar and strong export demand. Weekly export sales reported this morning of 44.1 million bushels were at the high end of trade expectations. But the market has lower on pre-holiday position evening and favorable crop weather for the newly planted crop in South America. January is 1/2 of a cent lower at $10.00 3/4 and March is 1/2 of a cent lower at $10.08 1/2.
Wheat futures are trading lower at midsession. The market is being pressured by poor export sales and abundant U.S. and global wheat stocks. The weekly export sales report released this morning of 8.1 million bushels fell well below trade expectations. Losses are being limited by weakness in the dollar. CBOT March is 5 3/4 cents lower at $5.23 1/4, KCBT March is 5 cents lower at $5.18 and MGE March is 4 1/4 cents lower at $5.30.
Cattle futures are slightly lower at midday. The futures market is easing in light, pre-holiday trade. Cash prices were firm this week ahead of the winter storm, but the storm appears to be tracking further north than previously expected which should limit the negative impact on feedlot performance. December is 28 cents lower at $83.00 and February is 30 cents lower at $85.08.
Lean hog futures are trading lower at midsession. Profit-taking from the gains on Wednesday are weighing on the market. The weak tone in the cash market this week and declining pork cutout values are bearish fundamental factors. Light volume, pre-holiday trade is limiting losses. February is 33 cents lower at $65.35 and April is 20 cents lower at $69.93.