Corn futures are trading higher at midday. The market is being supported by further planting delay concerns. More rainfall in the eastern Corn Belt and northern Plains are expected to further delay planting in the areas where planting is furthest behind. Stocks are already forecast to be tight in the next crop year, so a decline in acreage or yields takes on added significance this year. July is 12 1/2 cents higher at $7.45 3/4 and December is 6 cents higher at $6.68 1/2.
Soybean futures are solidly higher at midsession. Concerns about slow soybean planting progress due to more wet weather in the Midwest are supporting futures trade. Yield potential for soybeans could be hampered by late planting, although some acreage intended for corn could be switched to soybeans. The rebound in crude oil and the stock market this morning is also helping the market trade higher. July is 12 1/4 cents higher at $13.84 1/2 and November is 10 3/4 cents higher at $13.65.
Wheat futures are strongly higher at midday, led by gains at the MGE. Strength in the cash market and concerns about further planting delays in the northern Plains are supporting the MGE. There is also talk of some front in northern Plains. Winter wheat markets are higher as well on spillover strength in corn and concern about the expected shortfall in HRW wheat production. CBOT July is 16 3/4 cents higher at $7.96 1/2, KCBT July is 17 1/2 cents higher at $9.29 1/2 and MGE July is 29 1/4 cents higher at $10.18.
Cattle futures are trading solidly higher at midsession. Short-covering pushed futures higher amid technically oversold levels. Strength in boxed beef prices are helping to widen packer margins. Choice cutouts were up $1.63 on Tuesday after strong gains on Monday. Cash trade was reported in Nebraska at $106, up $2 from the southern Plains reported early this week. June is $1.48 higher at $103.85 and August is $1.05 higher at $104.95.
Lean hog futures are higher at midday. Technically oversold conditions and talk of improved cash hog prices next week are supporting the market on a short-covering bounce. While cash prices have been lower this week and pork cutouts were down $1.07 on Tuesday, traders are looking for improved pork demand and stabilized cash hog prices next week. June is 60 cents higher at $88.05 and July is 48 cents higher at $87.40.
Cotton futures are trading higher at midday. Support is coming from concern about this year’s crop. Drought in Texas and southern Georgia and flooding along the Mississippi River are expected to hamper the cotton crop this year. July is 487 points higher at 158.75 cents and December is 544 points higher at 131.20 cents.