Corn futures are trading strongly higher at midday. The market is being supported by outside markets and hot and dry weather in Argentina that is trimming corn production prospects. Sharp gains in the stock market and crude oil futures while the dollar index is lower are helping to extend gains. March is 9 1/2 cents higher at $6.56 and May is 10 cents higher at $6.64 3/4.
Soybean futures are sharply higher at midsession. South American weather concerns and outside markets are pushing soybean futures higher. Weather in Argentina is forecast to remain hot and dry, which will hurt soybean crop prospects. In addition, crude oil futures and the stock market are strongly higher while the dollar index is lower at midday. January is 26 1/2 cents higher at $12.25 and March is 27 cents higher at $12.34 3/4.
Wheat futures are higher at midday. Weakness in the dollar index and spillover support from corn are supporting the market. Wheat prices have rallied 9 out of the last 10 trading sessions and have pushed above some technical resistance. Gains are being limited in the winter wheat contracts on some concern that futures are becoming technically overbought and USDA reporting weekly export inspections at 13.4 million bushels, which is below the pace needed to reach USDA’s export forecast. CBOT March is 9 1/4 cents higher at $6.62, KCBT March is 1 1/4 cents higher at $7.18 1/4 and MGE March is 16 3/4 cents higher at $8.66 1/4.
Cattle futures are trading higher at midsession. The market is being supported by outside markets. Strength in the stocks market and weakness in the dollar index are supporting futures trade. But further gains are being limited by forecasts showing little cold weather threats in feedlot areas. Cash trade was steady to lower last week. Showlists are expected to be larger this week due to recent holiday shortened slaughter schedules. February is 98 cents higher at $122.43 and April is 73 cents higher at $126.18.
Lean hog futures are higher at midday. Futures are rallying on short-covering and outside market support. Strongly higher equity market and weakness in the dollar index are supportive signals for traders. There is some optimism that cash markets will soon turn higher as packers increase slaughter following the shortened holiday schedules. February is $1.05 higher at $85.35 and April is 80 cents higher at $88.50.