Corn futures are trading higher at midday. A decline in crop condition ratings, short-covering from oversold levels, weakness in the dollar and strength in crude oil are all supporting futures trade. USDA pegged the crop at 68% good to excellent, down 2 points from the previous week. Positioning ahead of the June 30 Acreage and Stocks reports could provide some support today and tomorrow. July is 11 cents higher at $6.71 3/4 and December is 14 cents higher at $6.40 3/4.
Soybean futures are higher at midsession. The price strength on Monday has carried into the trade on Tuesday. USDA's lowered crop condition ratings, spillover support from corn and weakness in the dollar index are supportive factors. USDA rated the crop 65% good to excellent, down from 68% the previous week. Traders are also beginning to even positions ahead of the Acreage and Stocks reports due out on Thursday morning. July is 5 cents higher at $13.31 3/4 and November is 6 cents higher at $13.21.
Wheat futures are solidly higher at midday. Futures are rebounding from recent losses on short-covering, weakness in the dollar and spillover support from corn. Uncertainty about spring wheat production remains an underlying supportive factor. But gains are being limited by traders cautious approach following recent losses and the uncertainty about the global economy. CBOT July is 10 1/2 cents higher at $6.33 1/4, KCBT July is 9 3/4 cents higher at $7.38 1/4 and MGE July is 18 1/2 cents higher at $8.24 1/4.
Cattle futures are trading higher at midsession. Talk of strong beef exports and short-covering from the losses on Monday are helping to support the market. Beef exports last week were the second largest weekly total and are up running 34% above year-ago. Gains are being limited by the lack of cash trade yet this week. August is 3 cents higher at $111.40 and October is 48 cents higher at $118.25.
Lean hog futures are higher at midday. After falling to the lowest level in two weeks on Monday, futures are rebounding this morning. Short-covering and the $1.68 jump in pork cutout values to a new record high level are supportive factors. Optimism for pork exports to China is an underlying bullish factor for hog futures. August is 30 cents higher at $92.65 and October is 50 cents higher at $87.08.