Corn futures are trading higher at midday. The market is being supported by firm cash market amid slow farmer selling. However, gains are being limited by the dollar turning higher and the stock market and crude oil falling amid global economic concerns. Weekly export sales reported this morning were very strong. However, the export sales with China reported last week was already expected. Sales of 72.7 million bushels were below trade expectations. December is 2 1/2 cents higher at $6.41 and March is 2 1/2 cents higher at $6.50 1/2.
Soybean futures are solidly lower again at midsession. Concern about the European debt crisis that is weighing on crude oil prices and the stock market while supporting the dollar index are weighing on soybean futures.
Weekly export sales reported this morning were below trade expectations at 21.9 million bushels. Harvest weather remains favorable, but reports of slow farmer selling are limiting harvest pressure at this time. November is 8 1/4 cents lower at $12.16 3/4 and January is 8 1/2 cents lower at $12.22 3/4.