Corn futures are trading higher at midday. Wet weather and delayed planting in the eastern Corn Belt and northern Plains are supporting the market as some acreage intended for corn may be switched to other crops. Old-crop is leading the gains on firm cash markets and ideas that the planting delays could postpone harvest and leave stock very tight this fall. Further gains are being limited by strength in the dollar and weakness in crude oil. July is 10 cents higher at $7.58 and December is 2 cents higher at $6.64.
Soybean futures are higher at midsession. Spillover strength in corn and ideas of further soybean planting delays are pushing prices higher. Weather forecasts indicate continued slow soybean seeding and could hamper yield potential, although delayed corn planting could lead to additional soybean acreage. July is 7 1/2 cents higher at $13.87 and November is 2 3/4 cents higher at $13.52 1/4.
Wheat futures trading lower at midday. Profit-taking and strength in the dollar are weighing on the market in pre-weekend positioning. Some rainfall in Kansas will benefit crop conditions although some wheat is too far gone for the rainfall to help and the rain is negative for some wheat in the southern Plains that is nearly ready for harvest. CBOT July is 9 3/4 cents lower at $8.02 1/4, KCBT July is 13 cents lower at $9.31 1/2 and MGE July is 8 1/4 cents lower at $9.98.
Cattle futures are trading mostly lower at midsession. The June contract is slightly higher on short-covering and the discount to the cash market this week. But deferreds are lower as futures continue to be pressured by concern about sluggish demand as poor weather slows the normal seasonal strength in beef demand. Trade is being limited by positioning ahead of the Cattle on Feed report due out after the close. June is 28 cents higher at $105.13 while August is 43 cents lower at $107.50.
Lean hog futures are trading higher at midday. Strength in the cash market on Thursday is supporting the futures market. Cash prices were up over $3 on a national average as packers were aggressive buyers and market ready hog supplies have tightened. Gains are being limited by limited trade ahead of the monthly Cold Storage report due out after the close. June is 63 cents higher at $91.95 and July is 63 cents higher at $92.25.
Cotton futures are lower at midsession. Profit-taking from recent gains and outside market pressure is weighing on trade as the dollar index is trading higher while the stock market is lower. July is 285 points lower at 152.80 cents and December is 88 points lower at 118.31 cents.