Corn futures drop on disappointing export sales

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Corn futures are trading 4 to 9 cents lower at midsession. Corn futures declined on disappointing export sales. Weekly sales totaled 482,100 tonnes down substantially lower than analysts’ estimates of 1.0 to 1.3 million tonnes. However, forecasts for hot weather in the US Midwest over the weekend should limit losses.

Soybean futures are trading 14 to 16 cents higher at midday. Soybean futures are strengthened as USDA reports soybean export sales up 40 percent over the previous week, but still well short of trade expectations. Rising temperatures and dry conditions across the U.S. Midwest and South are lending support to prices as well.

Wheat futures are trading 2 to 5 cents higher at midday. Wheat prices surged on greater than expected export sales. USDA reported wheat export sales at 829,000 tonnes, up quite moderately more than expectations between 350,000 to 550,000 tonnes. News that Kansas winter wheat yields will be lower than expected is lending support to prices. Impeding dry weather over the weekend in the US Plains remains bullish for the market.

Cattle futures are trading mixed at midsession. Cattle futures have been trading choppy through much of the morning. The December contract is seeing added strength as the nearby contracts continue to tumble. Beef cutouts improved on Wednesday, up 60 cents to $1, however, trade in the cash market is reported as much as $2 lower than the previous week’s prices.

Lean hog futures are trading mixed at midsession. Hog futures are seeing slight gains due to short covering, despite struggling pork prices. Negative packer margins and weak demand also remains bearish for the market as well as lower cash prices. Trade in the cash market is reported 50 cents to $1 lower.



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