Soybean futures recover at midday

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Corn futures are trading 6 to 21 cents higher at midday. Corn futures are up dry weather concerns across the U.S. Corn Belt and Southeast production regions. Crop stress due to inadequate moisture levels is the major concern going into the next few weeks. The July contract is the leading the way up as much as 20 cents. However, gains may see resistance as weekly export sales for old/new crop corn (282,700 tonnes) were well below expectations.

Soybean futures are trading 3 to 13 cents higher at midday. Soybeans futures are recovering, lead by the jump in the front month contract. Traders anticipate the rise in the July contract can mostly be attributed to beginning of the month fund buying. Prices are currently being pressured by weakness in the soybean oil market and lower than expected export sales. USDA pegged weekly exports sales at 418,000 tonnes, below expectations of 450,000 to 650,000 tonnes. However, strength in the soybean meal market and weak dollar index are supporting the market.

Wheat futures are trading mixed at midday. Wheat prices continue to slide at CBOT. Prices are rebounding at KCBT and slightly higher at MGE. Favorable weather overseas in key wheat producing regions continues to weigh on CBOT wheat along with global economic uncertainty. The Kansas Wheat Harvest report reported hail damage to wheat fields in part of northwesten Kansas. The report indicated that yields were mixed, with decent to good yields reported along with disappointing yields in some areas.

Cattle futures are trading 50 to 80 cents higher at midday. Cattle prices are higher after experiencing slight volatility in morning trade. Market prices are supported by firm beef prices and robust export sales. Beef exports sales were up 41 percent from the previous week at 20,300 tonnes. Beef packer margins are positive due to steady demand lending support to cattle prices.

Lean hog futures are trading mixed to mostly higher midday. Hog prices were met with some push back as profit taking early in the trading session pressured market prices. However, futures are holding mostly steady as higher cash and wholesale pork prices and underpinning the market. Trade in the cash market is reported at 50 cents to $1 higher at some terminals.



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