Corn futures are trading higher at midday. Futures were trading higher in overnight trade until outside markets provided support. Strength in the stock market and crude oil futures and weakness in the dollar are pushing corn futures higher today. Outside markets are being supported by the announcement by central banks around the globe to coordinate a plan to support the global financial system. In addition, China announced plans to loosen monetary policy. December is 5 1/4 cents higher at $6.03 1/4 and March is 4 3/4 cents higher at $6.10 1/4.
Soybean futures are solidly higher at midsession. Outside markets are supporting the soybean market. Strong gains in the stock market and weakness in the dollar index have been driven by news that central banks around the world are coordinating a plan to provide liquidity to the financial system. In addition, China’s central bank has eased monetary policy for the first time in nearly three years. January is 14 1/2 cents higher at $11.39 1/2 and March is 14 cents higher at $11.49.
Wheat futures are trading mixed this morning. The CBOT is being supported by spillover strength in corn and weakness in the dollar index. Outside markets are being moved by the announcement this morning that major central banks will coordinate to provide liquidity to the global financial system. However, gains are being limited and some KCBT and MGE contracts are lower on technical selling and the lack of supportive fundamental news. CBOT December is 5 1/4 cents higher at $5.99 3/4, KCBT December is 2 cents higher at $6.58 while MGE Decembe4r is 1/2 of a cent lower at $8.38 1/4.
Cattle futures are trading solidly higher at midsession. The market is being supported by strength in the stock market and weakness in the dollar index. Outside markets are being supported by news that central banks around the globe will coordinate action to provide liquidity to the financial system. In addition, China’s central bank announced plans to loosen monetary policy. December is $1.13 higher at $121.70 and February is $1.18 higher at $123.63.
Lean hog futures are called steady to mixed. The firm tone in the cash market and outside markets are supporting futures trade. Packer margins are favorable and solid packer demand for hogs are supporting the cash market. Strength in the stock market and weakness in the dollar index are supportive factors for pork demand. December is 60 cents higher at $88.60 and February is 98 cents higher at $92.18.
Cotton futures are trading mixed at midday. Outside markets are providing some support to the futures market although buying interest remains limited in the March contract. March futures are 5 points lower at 92.70 cents while May is 21 points higher at 91.99 cents.