Disappointing export sales can't stop corn futures at midday

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Corn futures are trading 6 to 12 cents higher at midday. Corn futures are up despite disappointing export sales. Weekly export sales were reported at 169,800 tonnes for both old and new crop corn, below trade estimates of 400,000 – 600,000 tonnes. The market is seeing support as weather forecasts have reversed calls for rain across the U.S. Midwest. Prices are also being lifted by strength in the cash market and tightening corn supplies.

Soybean futures are trading mixed at midday. Market prices are improving from morning lows due to bullish weekly export sales. Weekly sales for soybeans topped 1 million tonnes, of which 731,500 tonnes were purchased by China. The market remains sound fundamentally, with demand up and supply tight. Weakness in the dollar should add additional support.

Wheat futures are trading 6 to 22 cents higher midmorning. Export sales were bullish for wheat prices this morning. Weekly export sales for wheat topped trade estimates at 432,900 tonnes. USDA also reported exports sales of 110,000 tonnes of soft red winter wheat to China for delivery in 2012/13. Prices were also lifted by strength in the corn market.

Cattle futures are trading mixed at midday. Cattle futures are up slightly after posting sharp losses on Thursday. Beef prices are reported as mixed this morning with fairly good demand. The lower dollar index should be friendly to prices. Spillover support from hogs and trader short covering will lend support. As trade in the cash market picks up, prices are expected to be steady to lower.

Lean hog futures are trading higher at midday. Hog futures are up due to improved supply/demand fundamentals. Higher cash prices, firm pork cutout values, increased demand and shrinking supplies are supporting futures prices. Currently the dollar index in down, which is beneficial for prices. Trade in the cash market is called 50 cents to $1 higher.



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