Corn futures are trading higher at midday. Prices rallied to a one-month high this morning supported by the tumble in the value of the dollar and news that China will not raise its interest rates. Also supportive are expectations for ethanol credits to be included in the tax bill. Gains are being limited by favorable crop conditions in Brazil. Weekly export inspections came in at 32.0 million bushels, up from the previous week of 27.3 million. March is 10 1/4 cents higher at $5.84 1/2 and May is 9 3/4 cents higher at $5.92 3/4.
Soybean futures are trading solidly higher at midday. Outside markets are lending support to soybeans. The value of the U.S. dollar is sharply lower this morning and news that China is not going to raise its interest rates is favorable. Exports continue to be strong, with USDA raising the export forecast 200,000 bushels in Friday’s forecast. Weekly export inspections continue to be revised considerable higher week-to-week due to the fast pace of shipments. January is 21 1/4 cents higher at $12.94 1/4 and March is 21 cents higher at $13.03 1/2.
Wheat futures are trading higher midmorning. Crop concerns are a major factor driving this market, with heavy rains in Australia delaying harvest and reducing quality while dry conditions in the western U.S. Plains stress the HRW wheat crop. Weekly export inspections were 18.0 million bushels. CBOT March is 2 1/4 cents higher at $7.77 3/4, KCBT March is 1 1/4 cents higher at $8.33 1/4 and MGE March is 2 1/2 cents higher at $8.72.
Cattle futures are trading higher midmorning. Futures are being boosted by short-covering after prices fell to three-week lows last week. Weakness in boxed beef prices Friday and lower cash market prices last week are weighing on futures. December is 35 cents higher at $101.30 and February is 40 cents higher at $104.35.
Lean hog futures are trading higher at midday. Tightening seasonal supplies of hogs and weather-delayed marketings this morning are helping boost futures this morning. Cash prices could edge higher as winter weather limits the number of hogs at market. Also supportive are favorable packer margins. Short-covering following Friday’s losses is adding to gains. February is 78 cents higher at $75.93 and April is 95 cents higher at $79.95.
Cotton futures are limit-up midmorning. Prices have been at the 4-cent limit since about 9:15 a.m. CST. amid uncertainty about India’s export deadline. A decision about whether or not to extend the Dec. 15 export shipment deadline is pending, and ideas that it might not be extended has sent futures strongly higher. Also favorable is the sharp drop in the value of the dollar. March is 400 points higher at 140.97 cents and May is 400 points higher at 133.23 cents.