Corn futures are trading higher at midsession. The market is being supported by concern about the crop in Argentina and outside market support. Hot and dry weather continues to stress the corn crop in Argentina as forecasts call for mostly dry weather this week. Weakness in the dollar index and strength in the stock market and crude oil are supportive factors. March is 5 1/4 cents higher at $6.04 3/4 and May is 5 cents higher at $6.11 1/2.
Soybean futures are solidly higher at midday. Hot and dry weather in Argentina is supporting futures trade as stressful conditions will lower yield potential. Better-than-expected fourth quarter economic data from China is supportive for soybeans and outside markets as the dollar is weakness while the stock market is trading higher. March is 18 1/4 cents higher at $11.76 1/2 and May is 18 1/2 cents higher at $11.86 1/4.
Wheat futures are trading slightly higher at midsession. Weakness in the dollar index and spillover support from corn and soybeans are pushing wheat prices higher. However, gains are being limited by bearish supply and demand fundamentals. Global wheat supplies are large and export demand for U.S. wheat remains lackluster. CBOT March is 1 3/4 cents higher at $6.04, KCBT March is 1 1/2 cents higher at $6.71 1/2 and MGE March is 7 1/4 cents higher at $8.08 1/2.
Cattle futures are trading higher at midsession. Strength in the cash market late last week and outside market strength are supporting futures trade. Packers raised bids $2-$3 late last despite poor margins. Boxed beef prices continue to decline on sluggish demand. However, weakness in the dollar index is bullish for exports and strength in the stock market is a positive indicator for beef demand. February is $1.15 higher at $123.63 and April is 80 cents higher at $127.20.
Lean hog futures are higher at midday. Strength in pork cutouts and a firm tone in the cash market are supporting the market. Outside markets are supportive as the dollar index is trading lower while the stock market is higher. Gains are being limited by large hog weights that will help keep pork supplies large despite an expected seasonal decline in hog numbers. February is 10 cents higher at $85.70 and April is 23 cents higher at $87.28.