Corn futures are trading higher at midday. Follow-through buying from the sharply rally yesterday and the bullish USDA reports and outside markets are supporting the market. Sharp losses in the dollar are supportive for commodity markets. Weekly export sales of 20 million bushels were within trade expectations and in the daily reporting system USDA reported sales of 116,000 tonnes to “unknown destinations”, which could be China. March is 16 3/4 cents higher at $6.47 3/4 and May is 16 3/4 cents higher at $6.56 1/2.

Soybean futures are higher at midsession. The market is being supported by continued bullish sentiment from the USDA reports on Wednesday and concern about hot and dry weather in Argentina further stressing their soybean crop. Weekly export sales reported this morning of 24.8 million bushels were within trade expectations. March is 14 cents higher at $14.29 and May is 15 cents higher at $14.38 3/4.

Wheat futures are trading higher at midday. Spillover support from corn and soybeans along with the strong losses in the dollar index are pushing wheat futures higher. USDA raised its export forecast for wheat this marketing year by 50 million bushels in the Supply/Demand report on Wednesday. However, weekly export sales reported this morning of only 6.4 million bushels were below pre-report trade expectations. CBOT March is 10 cents higher at $7.80 1/2, KCBT March is 10 1/2 cents higher at $8.62 1/2 and MGE March is 8 1/2 cents higher at $8.86.

Cattle futures are trading lower at midsession. Profit-taking from record highs levels set on Wednesday are weighing on futures. However, losses are being limited by weakness in the dollar and strengthening beef prices. Choice cutouts were up $1.00 and select cuts were $2.46 higher yesterday. February is 28 cents lower at $109.93 and April is 18 cents lower at $114.40.

Lean hog futures are lower at midday. After setting contract highs on Wednesday and overnight, profit-taking has developed to push prices lower. Futures premium to cash was also a bearish factor. Further losses are being limited by further strength in corn and weakness in the dollar which is supportive for exports. February is $1.18 lower at $79.95 and April is 85 cents lower at $86.18.

Cotton futures are trading mostly higher this morning. The USDA reports on Wednesday were neutral, but they did reinforce the underlying bullish sentiment in the market. U.S. and global cotton ending stocks are expected to be very tight. However, some deferred contracts are lower on profit-taking from recent gains. March is 119 points higher at 149.16 cents while May is 16 points lower at 143.29 cents.