Corn futures are trading higher at midday. Planting delay concerns, weakness in the dollar and strength in crude oil are supporting futures trade. Rain and cool weather in the Midwest are expected to delay planting, although some extended forecasts call for a drier weather pattern. Weekly export sales were reported this morning at 24.1 million bushels of old-crop and 9.6 million bushels of new-crop, which fell within pre-report trade expectations. May is 5 cents higher at $7.37 3/4 and December is 7 cents higher at $6.62 1/2.
Soybean futures are higher at midsession. Outside market strength is attracting fund buying to the soybean market as the dollar index is lower while crude oil and gold futures are higher this morning. Higher-than-expected weekly export sales for soybeans and soybean meal are also supporting the market. Soybean exports sales last week were reported at 12.8 million bushels of old-crop and 7.6 million bushels of new-crop. May is 6 1/4 cents higher at $13.64 and November is 1 cent higher at $13.67.
Wheat futures are solidly higher at midday, led by gains in the KCBT and MGE. Continued dry weather in the KCBT has left much of the HRW crop in bad shape and some of the crop will not likely be able to salvaged. In the northern Plains, cool and wet weather is delaying planting and could prevent some acreage from being seeded to spring wheat. Weekly export sales reported this morning were lackluster. Old-crop sales were 5 million bushels and new-crop commitments were 6.2 million. CBOT May is 8 1/2 cents higher at $7.93 1/2, KCBT May is 13 3/4 cents higher at $9.33 3/4 and MGE May is 16 1/2 cents higher at $9.55 1/4.
Cattle futures are trading narrowly mixed at midsession. The market has been choppy this morning as traders even positions ahead of the Cattle on Feed report due out this afternoon. Technical selling after the losses on Wednesday is weighing lightly on prices. Losses are being limited by another strong week of beef export sales and strength in the stock market. June is 23 cents lower at $116.28 and August is 20 cents lower at $117.50.
Lean hog futures are mostly higher at midday. Futures are being supported by firm cash markets on Wednesday and outside market strength. Weakness in the dollar is a supportive factor for pork exports. Underlying support is coming from ideas of tightening hog supplies and strong seasonal demand. Pork prices are near record high levels, but have been unable to push to new highs. June is 25 cents higher at $101.65 and July is 18 cents higher at $101.35.
Cotton futures are higher at midsession, led by new-crop futures. Short-covering from recent losses are supporting the market. Outside markets are also supporting commodities as the dollar index is lower and the stock market is higher. May cotton is 95 points higher at 184.12 cents and December is 280 points higher at 131.60 cents.