Corn Corn futures are trading lower at midday. Profit-taking is pressuring prices lightly after the nearby contract hit the highest level in over a year on Wednesday. Recent market support has come from ideas that corn yields will fall short of USDA's August number. Strong export demand is helping to limit losses. Weekly export sales reported this morning were strong at 66.4 million bushels. December is 1 3/4 cents lower at $4.45 and March is 1 1/2 cents lower at $4.58 1/4.
Soybeans Soybean futures are lower at midsession. The market is being pressured by smaller-than-expected weekly export sales. New-crop sales of 22.5 million bushels were below trade expectations. There has been talk this week that China will be slowing soybean purchases. But losses are being limited by recent private trade estimates of lower U.S. soybean yields compared to USDA's August estimate. November is 4 cents lower at $10.01 1/2 and January is 3 3/4 cents lower at $10.11 1/4.
Wheat Wheat futures are trading higher again at midday. The market was supported by the Russian Prime Minister saying that the country would ban grain exports until after the 2011 harvest. Weekly export sales reported this morning were above trade expectations at 37.6 million bushels. CBOT Dec is 9 cents higher at $7.17 3/4, KCBT Dec is 8 1/2 cents higher at $7.35 1/4 and MGE Dec is 8 1/2 cents higher at $7.34 1/2.
Cattle Cattle futures are trading higher at midsession. December through April 2011 futures rallied to new highs on fund buying. Cash trade has developed at $96-$97 this week, down $2-$3 from last week. Year-to-date beef export sales were up 31% from year ago. October is 70 cents higher at $98.45 and December is 50 cents higher at $101.10.
Hogs Lean hog futures are higher at midday. Fund and commercial buying has pushed futures higher. The tone in the cash market is weak, but there is some talk of firm cash trade next week. Packer margins remain strong even though pork prices have fallen $6 since setting all-time highs early last week. October is $1.05 higher at $76.00 and December is 88 cents higher at $73.75.
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