Thursday's gains weighs on soybean markets at midday

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Corn futures are trading higher at midday. Futures are rebounding a little from Thursday’s sharp losses, but continue to see pressure from Thursday’s bearish Supply/Demand Report. Old crop stocks were expected to be down 52 million bushels, but instead were raised 50 million to 851 million. However, a bid to purchase 300,000 tons corn by an unknown buyer for the 2011/12 and 2012/13 marketing year should limit losses. July is 3 1/4 cents higher at $5.90 3/4 and December is 2 1/2 cents higher at $5.09 3/4.

Soybeans futures are trading lower at midsession. Profit taking in the soybean market from Thursday’s gains is weighing on futures. Prices rallied following a mostly bullish USDA Supply/Demand report. Outside market factors and falling crude oil prices are weighing on soybean prices. Losses are being limited by news of an export sale of 139,500 tons of soybeans being sold to an undisclosed buyer. July is 16 3/4 cents lower at $14.38 1/2 and November is 12 cents lower at $13.47.

Wheat futures are trading mostly lower at midsession. Wheat prices saw slight recovery in overnight trade but are still trending lower. USDA’s Supply/Demand report was mostly bullish for wheat but pressure in the corn and soybean markets continues to weigh down prices. Expectations of a good 2012 wheat crop and favorable weather are bearish for wheat also. CBOT July is 1/4 of a cent lower at $6.01; KCBT July is 4 cents lower at $6.13 1/2; and MGE July is 1/4 of a cent lower at $7.27.

Cattle futures are trading lower at mid-day. Beef prices plunged yesterday contributing to lower futures prices. Choice was down over $1 while select was down over $2. Concerns over minimal activity in the cash market are adding pressure to already low prices. So far asking prices in the South are around $122 and $195 in the North. June cattle futures are 30 cents lower at $115.55 and August is 48 cents lower at $118.13.

Lean hog futures are trading higher at midsession. Hogs futures rebounded as pork prices rise. Pork cutout values are up $1.96 at $80.12 on Thursday. The market is seeing some pressure from the corn market but minimal at most. Positive packer margins, increased pork demand and exports are adding support to prices. June is 68 cents higher at $85.18 and July is 28 cents higher at $85.05.



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