Corn futures are trading higher at midday. The market has turned higher on support from the weekly export sales report. USDA reported 2010/11 marketing year sales at 45.9 million bushels, which was sell above trade expectations. Demand remains strong for corn for ethanol and cold weather is increasing feed needs. However, gains are being limited by strength in the dollar. March is 2 cents higher at $6.71 1/4 and December is 1/2 of a cent higher at $5.98 1/4.
Soybean futures are mixed at midsession. Strong export demand is helping to support old-crop contracts. In the weekly export sales report USDA reported sales of 37.9 million bushels of old-crop and 113.0 million bushels of new-crop, which were above trade expectations. China remains a large customer of U.S. soybeans. Gains are being limited and new-crop is lower on strength in the dollar and improved weather conditions in Argentina. March is 1 3/4 cents higher at $14.45 3/4 while November is 5 cents lower at $13.70.
Wheat futures are mixed at midday. After opening lower on profit-taking from the gains yesterday, futures have turned mixed on fund buying and spillover support from corn. Gains are being limited by weekly export sales of 19.6 million bushels coming in below trade expectations and on strength in the dollar index. CBOT March is 3/4 of a cent higher at $8.63 3/4, KCBT March is 1/2 of a cent higher at $9.53 1/4 while MGE March is 2 1/2 cents lower at $10.07 3/4.
Cattle futures are trading lower at midsession. The market is being pressured by the premium of futures to the most recent cash trade and concern that the cold and snow in the Midwest and Northeast will slow beef sales. Boxed beef prices have turned mixed after hitting 2 1/2 year highs last week. February is 25 cents lower at $107.50 and April is 73 cents lower at $112.80.
Lean hog futures are mostly higher at midday. The February contract is being pressured by concern that backed up hog marketings will soon weigh on the cash market. But deferred contracts are being supported by technical buying and ideas of that strong export demand will help support pork prices. February is 88 cents lower at $83.15 while April is 25 cents higher at $91.65.
Cotton futures are trading mixed at midsession. Profit-taking and news that the Intercontinental Exchange is planning to impose strict limits on positions in the cotton market is weighing on the market. March is 102 points lower at 175.20 cents and December is 1 point lower at 93.75 cents.