Corn, wheat higher at midday

Corn futures are trading higher at midsession. Futures are showing signs of improvement after moderate losses due to yesterday's bearish supply and demand report. Technical analysts believe the market has peaked and is now exhibiting a downward trend; however the long term fundamentals of the market will continue to underpin current prices. Weekly export sales were within trade expectation but are not expected to play a role in today's trading session.

Soybean futures are trading 10 to 11 cents lower at midsession. Futures are extending their losses into midday. The market remains vulnerable to long liquidation as prices continue to trade at high prices, and traders book profits. Weekly export sales were surprisingly neutral this week, but still on track with UDSA's expectations. Prices in the soyoil and soymeal markets are showing signs of improvement, but are still trading below the previous day's highs.

Wheat futures are trading higher at midsession. Wheat futures have firmed since early morning trade. Prices across the three exchanges range from 2 to 5 cents higher. Prices are supported by recent selloffs in the dollar index and supply concerns pertaining to global ending stocks. Export sales were in fact bearish this week but will have minimal effects on futures.

Live cattle futures are trading mixed but mostly lower at midday. Unexpected moderate trade activity in the cash market late Wednesday afternoon boosted futures prices at the opening of pit trade; however contracts are trading lower across the board as weekly export sales rolled in 8 percent lower than the previous week at 16,800 metric tonnes.

Lean hog futures are trading lower at midday. The market remains under pressure by large pork supplies and sinking wholesale pork and cash prices. Cash prices have traded a $1 to $1.50 lower while Wednesday's pork cutout dropped $1.70. October and December contracts are trading off 38 to 45 cents respectively.


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