Corn futures are trading mixed but mostly lower at midsession. Futures are trading quietly with deferred contracts under slight pressure. The fundamentals of the market still support higher prices but slight profit taking and bearish export sales have futures on the defensive. Prices may garner strength as the remnants of Hurricane Isaac push towards the Midwest bring damaging winds and possible flooding.
Soybean futures are trading 12 to 13 cents higher at midsession. Soybean futures are soaring as renewed buying interest in the market picks up. Weekly export sales for soybean were bullish as to be expected. Especially with several large purchased of the oilseed by China over the last few weeks. However, volatility in the market could increase as traders believe yesterday’s market rally was overdone.
Wheat futures are trading mixed at midsession. Markets prices immediately began to decline after news circulated that Russia does not plan to implement any type of export ban for wheat. Weekly export sales were neutral for the market today. Chicago is trading slightly higher while KCBT and MGE futures are trading lower as heavy rains from Hurricane Isaac move toward the Midwest.
Live cattle futures are trading higher at midsession. Cattle futures remain strong on follow through buying and no delivery calls on the August contract. Wholesale beef demand remains sluggish with yesterday’s beef prices were reported down $1 for both choice and select cuts. Cash trade remains undeveloped but with expectations for steady to higher prices.
Lean hog futures are trading higher at midsession. Hog futures are higher at midday although market fundamentals are strongly bearish. Hog slaughter and supplies continue to increase while prices and demand are steadily declining. Trade in the cash market is called 50 cents to $1 lower today.