Corn futures are higher at midday. The strong losses in the dollar are supporting the market. But gains are being limited by generally favorable planting conditions and disappointing export shipments. Weekly export inspections reported this morning at 32.0 million bushels were below trade expectations and nearly 10 million bushels below the previous week. May is 1 1/4 cents higher at $3.47 and July is 1 cent higher at $3.58 1/4.
Soybean futures are trading mixed at midsession. Front end contracts are being supported by bull spreading amid weakness in the dollar and firm cash markets. USDA reported the sale of 120,000 tonnes of U.S. soybeans to China for delivery in the 2009/10 crop year. But deferreds are lower on concern export competition from the record crops expected in Brazil and Argentina. May is 4 1/4 cents higher at $9.56 1/2 and July is 3 1/2 cents higher at $9.65 1/2.
Wheat futures are higher at midday. Weakness in the dollar and some short-covering after the weakness in Friday are providing light support. But gains are being limited by strong winter wheat condition ratings abundant wheat stocks in the U.S. and globally. CBOT May is 3 cents higher at $4.68 3/4, KCBT May is 1 cent higher at $4.84 1/2 and MGE May is 1 1/4 cents higher at $5.02 1/2.
Cattle futures are trading lower at midsession. Futures opened higher on fundamental and technical strength, but futures have turned lower on a round of profit-taking. Boxed beef prices hit 20-month highs last week, but were mixed on Friday. Cash trade is expected to be steady to higher this week after rallying to above $100 on a live basis in some areas last week, the highest level since July 2008. April is 35 cents lower at $99.30 and June was 10 cents lower at $94.65.
Lean hog futures are mostly lower at midday. The soon to expire April contract is slightly higher on steady to firm cash markets and firm pork cutouts prices last week. But deferreds are lower on the premium of futures to cash and on profit-taking from recent gains. April is 18 cents higher at $76.40 while June is 3 cents lower at $84.35.