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Minerals
Corn and soybean turn higher at midsession
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Corn futures are trading higher at midday. After opening lower futures turned higher as the dollar index fell. Strong export demand and firm basis levels are also supportive factors. Weekly export sales reported this morning of 38.3 million bushels were at the high end of trade expectations. March is 3 cents higher at $6.45 and May is 3 1/4 cents higher at $6.51 1/2.
Soybean futures are higher at midsession. The market was pressured early in the session on profit-taking and the improved weather in Argentina that should boost soybean crop prospects. But the market turned higher as the dollar index fell and as supplies of soybeans on the cash market are tight. Export has picked up recently, although weekly export sales report this morning at 13.5 million bushels were at the low end of trade expectations. March is 7 cents higher at $12.22 1/4 and May is 7 cents higher at $12.31 1/4.
Wheat futures are trading mostly lower at midday. The CBOT is trading slightly lower on profit-taking after rallying to 4 1/2 month highs. The KCBT has slipped lower as well, although losses are being limited by the dollar index turning lower and on spillover support from corn and soybeans. Weekly export sales reported this morning of 20.4 million bushels fell in the middle of pre-report trade expectations. CBOT March is 3 cents lower at $6.71 1/4, KCBT March is 1 cent lower at $7.21 1/2 while MGE March is 5 1/2 cents higher at $8.42 1/4.
Cattle futures are trading lower at midsession. Ideas that market ready supplies will be adequate for the near-term and easing concern about a winter storm over major feedlot regions are weighing on futures. Cash market trade has not developed yet this week. Packers have slowed slaughter schedules due to poor margins, so the lighter demand for cattle could weigh on cash trade this week. February is 53 cents lower at $125.18 and April is 38 cents lower at $128.85.
Lean hog futures are mixed at midday. The market was pressured early in the session by profit-taking from recent gains. But losses were limited and some contracts turned higher due to firm cash markets and recent gains in pork cutout values. Packers appear to be holding slaughter near current levels with reports of strong wholesale demand for hams. February closed unchanged at $87.63 and April was 8 cents higher at $90.43.
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