Corn futures are trading strongly higher at midsession. News that an agreement has been tentatively agreed upon support financial markets and the corn market early this morning. Corn has held onto gains despite the dollar index turning higher and the stock market and crude oil trading lower. Weather concerns are supportive as hot temperatures will stick around the Corn Belt through midweek. The corn crop is hurting in some areas that did not receive much of the rainfall last week and over the weekend. USDA will update crop condition ratings this afternoon. September corn is 13 1/2 cents higher at $6.79 and December is 13 1/2 cents higher at $6.82 1/4.
Soybean futures are higher at midday. The market was initially supported by news that Congress and the President have appeared to agree on a new debt deal that will keep the federal government from defaulting on its debts. The stock market and crude oil futures turned lower and the dollar rallied, but soybeans are holding onto gains. Hot weather last week and through midweek could hamper soybean prospects, although rain last week and forecasts for rain later this week should help limit crop stress. September is 9 3/4 cents higher at $13.58 1/4 and November is 8 cents higher at $13.65 1/4.
Wheat futures are trading higher at midsession. Futures trade is higher on spillover support from corn and concern that hot weather will stress the spring wheat crop and limit the supplies of high quality wheat. Continued hot and dry weather in the southern Plains is already raising concern about poor seeding conditions for the HRW crop this fall as well. Gains are being limited by the strength in the dollar that will hurt the competitiveness of U.S. wheat on the global market. CBOT September is 8 cents higher at $6.80, KCBT Sep is 4 3/4 cents higher at $7.71 1/2 and MGE September is 12 1/4 cents higher at $8.43.
Cattle futures are trading higher at midsession. Despite the stock market falling from early gains and the dollar index turning higher, cattle futures were able to hold onto early gains. Technical buying and mostly steady cash trade last week Friday helped support futures trade this morning. August is 33 cents higher at $112.95 and October is 43 cents higher at $117.75.
Lean hog futures are trading mostly lower at midday. The market opened higher along with outside financial markets due to the apparent deal reached with lawmakers to keep the federal government from defaulting on its debt. However, disappointing manufacturing numbers pushed the stock market lower and the dollar rallied, which pushed futures lower. Strong export demand and record high pork prices are helping limit losses in futures. August is 3 cents lower at $102.75 and October is 40 cents lower at $92.00.