Corn futures are slightly higher at midday. The market has been choppy this morning with initial pressure on ideas that planting progress has been very strong again this week. Strength in the dollar and weakness in crude oil are also bearish factors. But futures have rebounded on spillover support from soybeans and the better-than-expected weekly export sales number this morning of 58.3 million bushels of old-crop. May is 3 cents higher at $3.62 1/4 and July is 2 1/2 cents higher at $3.71 1/2.
Soybean futures are trading higher at midsession. The market opened lower on pressure from strength in the dollar, weakness in crude oil and the lower-than-expected weekly export sales number. USDA reported old-crop sales of 11.3 million bushels last week. But technical buying has developed to push prices higher again at midday. May is 6 cents higher at $10.01 1/4 and July is 6 cents higher at $10.12.
Wheat futures are higher at midday. Futures have rebounded from initial weakness on short-covering and spillover support from corn and soybeans. Gains are being limited by strength in the dollar and bearish market fundamentals. Weekly export sales reported this morning were neutral at 6.1 million bushels of old-crop and 11 million bushels of new-crop. CBOT May is 6 3/4 cents higher at $4.94, KCBT May is 3 cents higher at $5.02 3/4 and MGE May is 5 1/4 cents higher at $5.21 1/2.
Cattle futures are trading mostly higher at midsession. The market was lower early on light profit-taking. However, ideas of firm cash trade this week has helped push prices higher. Traders are also beginning to position for the Cattle on Feed report due out on Friday afternoon. The average pre-report trade estimate for March placements is up 6.6% from last year. June is 20 cents higher at $95.65 and August is 18 cents higher at $94.23.
Lean hog futures are lower at midday. Profit-taking has developed to push prices lower after most contracts posted new highs on Wednesday. Strength in the dollar is a bearish factor for pork exports. However, cash fundamentals remain positive as pork cutouts were up $1.37 yesterday and market ready supplies are tight while packer margins remain good. June is 8 cents lower at $87.00 and July is 30 cents lower at $87.30.