Corn futures are strongly higher at midsession. Active corn buying from China and strong weekly export sales reported this morning are supportive factors. Weekly export sales of 24.5 million bushels of old-crop and 34.2 million bushels of new-crop were above trade expectations. Weather conditions are generally favorable currently, but traders are putting some weather premium back into the market as some forecasts are calling for warmer and drier Midwest weather. September is 17 1/2 cents higher at $6.42 1/2 and December is 19 cents higher at $6.34 1/2.
Soybean futures are trading higher at midday. Spillover support from corn and some weather forecasts indicating a hot and dry weather pattern developing over the Midwest over the next couple of weeks. The smaller acreage number will make good yields even more critical this year. However, gains are being limited by weakness in crude oil and the stock market and strength in the dollar. August is 6 3/4 cents higher at $13.47 1/2 and November is 8 1/2 cents higher at $13.46 1/4.
Wheat futures are mixed at midsession. The unwinding of long MGE/short CBOT contracts are pushing the CBOT higher and weighing on the MGE. CBOT wheat is also being supported by spillover support from corn. Reports of good protein levels in the hard red winter wheat crop is bearish for spring wheat prices. CBOT September is 15 1/2 cents higher at $6.50, KCBT September is 3 1/2 cents higher at $7.27 1/2 while MGE September is 7 1/2 cents lower at $8.17 1/4.
Cattle futures are trading higher at midsession. Ideas of higher cash trade today compared to last week and firm boxed beef prices this week are supporting the market. Strong export demand remains a supportive factor. For the year, export sales are up 34% compared to year-ago levels. Gains are being limited by strength in the dollar and weakness in the stock market. August is 58 cents higher at $115.30 and October is 20 cents higher at $121.43.
Lean hog futures are mostly lower at midday. Weakness in the cash market and the 85 cent decline in pork cutouts values are weighing on futures. Packers have most needs covered through next week and are not being forced to aggressively bid up hogs. Traders are also taking some profits from recent gains ahead of the weekend. July is 85 cents lower at $96.30 while August is 8 cents higher at $96.35.