Corn futures are trading slightly higher at midday. The market has traded mixed this morning, but strength in soybeans, solid export demand and concern that hot and dry weather will curb corn production in Argentina. Light profit-taking was noted early in the session after the rally to 29-month highs earlier this week. December is 1 cent higher at $6.10 and May is 1/2 of a cent higher at $6.17 1/2.
Soybean futures are solidly higher at midsession. Strong export demand and crush report are supporting futures. The Census Bureau November soybean crush was 155.0 million bushels, up from the average trade estimate of 154.5 million. USDA reported the sales of 150,000 tonnes of soybeans to an “unknown destination” for 2010/11 delivery. January is 14 3/4 cents higher at $13.43 1/2 and March is 14 1/4 cents higher at $13.54.
Wheat futures are higher at midday. Spillover strength from soybeans and fresh export news are supporting futures. USDA reported the sale of 100,000 tonnes of U.S. wheat to Iraq and weekly export sales of 21.9 million bushels were within trade expectations. CBOT March is 1/2 of a cent higher at $7.84, KCBT March is 2 3/4 cents higher at $8.47 1/4 and MGE March is 2 1/2 cents higher at $8.72 1/4.
Cattle futures are trading slightly lower at midsession. Light profit-taking from the gains on Wednesday are weighing on the market. Cash trade was higher this week, but choice beef prices were down 93 cents yesterday. Losses are being limited by ideas that beef export demand will be improving into 2011. December is 8 cents lower at $104.05 and February is 20 cents lower at $107.35.
Lean hog futures are mixed at midday. The market is choppy as traders gear up for the three-day weekend and as they even positions ahead of the Quarterly Hogs and Pigs report due out on Monday, December 27. Light profit-taking is limiting gains following the sharp rally on Wednesday. February is 13 cents higher at $79.00 and April is 15 cents higher at $83.05.
Cotton futures are strongly lower at midsession. Weakness in China’s cotton futures has triggered further profit-taking weakness in the cotton market. March is 486 points lower at 149.26 cents and May is 459 points lower at 135.10 cents.