Corn futures are trading higher at midday. Increased optimism that European leaders will come to an agreement to deal with the euro-zone debt crisis is supporting the stock market and weighing on the dollar index. However, gains are being limited by concern about sluggish export demand. The recent break in prices is expected to boost sales, but there has been little confirmation of that. December is 7 1/2 cents higher at $5.99 1/4 and March is 8 cents higher at $6.06 1/2.
Soybean futures are solidly higher at midsession. Outside markets and short-covering are supporting soybean futures. The stock market is higher and dollar index is lower amid optimism that European leaders will come up with a plan to deal with the euro-zone debt crisis. Further gains are being limited by rising soybean production estimates in South America amid generally favorable weather. January is 14 cents higher at $11.35 and March is 14 1/4 cents higher at $11.45 1/4.
Wheat futures are trading higher at midday. Short-covering and bargain hunting are supporting futures trade. Weakness in the dollar index is also a bullish factor. The market is higher despite improving winter wheat crop condition ratings. As of Sunday, the crop was rated 52% good to excellent, up 2% from the previous week. CBOT December is 12 1/4 cents higher at $5.87, KCBT December is 9 1/4 cents higher at $6.50 1/2 and MGE December is 5 1/4 cents higher at $8.36 1/4.
Cattle futures are trading narrowly mixed midsession. Traders are waiting for the cash market to develop for direction. Poor packer margins and lower beef prices so far this week are expected to push cash prices lower. Last week cash markets were generally $123 to $125. Strength in the stock market and weakness in the dollar index are providing some support. December is 3 cents higher at $120.98 and February is 15 cents higher at $122.70.
Lean hog futures are higher at midday. The firm tone in the cash market and the 70 cent jump in pork cutouts on Monday are supporting lean hog futures. Outside markets are also supporting futures trade. The stock market is higher and dollar index lower this morning. December is 15 cents higher at $87.70 and February is 48 cents higher at $91.05.
Cotton futures are strongly lower at midsession. Technical selling is weighing on futures with the market falling below chart support. The March contract is at its lowest level since last December. March is trading 271 points lower at 88.64 cents.