Corn, soybeans trading higher at midday

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Corn futures are trading higher at midsession. Corn futures are losing ground as futures pull back, trading slightly above unchanged. Trade has been relatively quiet as the market searches for direction. Seasonal pressures and weak demand remain bearish factors for the market. December corn futures are trading 3 ¼ of a cent higher.

Soybean futures are trading higher at midsession. Soybean futures are stuck in narrow trade this morning, with the market showing slight gains in the nearby contracts. Fundamental support is tied to yesterday’s export sales of 110,150 tonnes of soybeans to an unknown destination. However, speculation of a large South American soybean crop is hampering upside movement. November soybean futures are trading 5 cents higher.

Wheat futures are trading higher at midsession. Wheat futures are exhibiting strength at this hour. Prices are being supported by the lower dollar index. However, lack of fresh news and supportive fundamentals will make the market more vulnerable to selloffs if the direction of the dollar index and other grains moves lower. Outside markets are now mixed which could pull agricultural commodities lower in general. December corn at CBOT is trading 6 cents higher.

Live cattle futures are trading higher at midsession. Cattle futures are moderately higher on higher wholesale beef prices and cash price enthusiasm. Wholesale beef prices were reported over $1 higher for both choice and select cuts. Beef demand is firm and traders are expecting Friday’s cattle on feed report to be price friendly. September placements are expected to be down 14.9 percent, while cattle supply at feedlots (Oct 1) is expected to be down 2.2 percent. December cattle futures are trading 25 cents higher.

Lean hog futures are trading mixed at midsession. Hog futures are trading uneven on market uncertainty due to lack of supportive fundamentals. Currently the market is engaged in sporadic trade with nearby contracts up 15 to 30 cents. Grain prices are firming, which should lend support to deferred contracts. December hog futures are trading 30 cents higher.



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