Corn futures are trading lower at midday. The market is being pressured by profit-taking from the strong gains on Wednesday. Losses are being limited by strength in wheat and weakness in the dollar. Weekly export sales last week of 29.8 million bushels fell within trade expectations. March is 3 cents lower at $5.63 1/4 and May is 3 cents lower at $5.71 1/4.


 


Soybean futures are lower at midsession. Profit-taking after the strong rally on Wednesday is pressuring prices. But the market is being underpinned by spillover support from wheat, weakness in the dollar, strong export demand and dry weather concerns in Argentina. Weekly export sales reported this morning of 49.3 million bushels of old-crop were above trade expectations. January is 1/2 of a cent lower at $12.83 and March is 1/2 of a cent lower at $12.91.


 


Wheat futures are solidly higher at midday. Improved weekly export sales, continued dry conditions in the western Plains and excessive rainfall in eastern Australia are supporting the market. Weekly export sales of 24.4 million bushels of old-crop and 1.5 million bushels of new-crop were above pre-report trade estimates. Dry weather continues to hamper winter wheat condition ratings in the western Plains and forecasts for the next week to ten days are dry. CBOT March is 15 1/2 cents higher at $7.55 1/2, KCBT March is 16 1/4 cents higher at $8.12 1/4 and MGE March is 15 1/4 cents higher at $8.20 3/4.  


 


Cattle futures are trading lower at midsession. Profit-taking is weighing on futures after the rally to the highest level in two years. Cash trade has been higher this week, but there is some concern that increased beef production will weigh on cash trade next week. December is 68 cents lower at $102.90 and February is 48 cents lower at $106.30.


 


Lean hog futures are higher at midday. Short-covering from recent losses and weakness in the dollar is supporting futures. However, gains are being limited by weakness in the cash market and the $1.30 drop in pork cutout values on Wednesday. December is 8 cents higher at $68.60 and February is 15 cents higher at $75.40.


 


Cotton futures are sharply higher at midsession, with limit gains posting in front end contracts. Reports that India is restricting cotton exports have sparked the speculative buying rally. March is 500 points higher at 126.34 cents and May is 500 points higher at 121.50 cents.