Corn futures are trading higher at midday. While national average planting progress was above trade expectations last week at 40% complete, planting delays and more rain in the eastern Corn Belt are supporting the market. Planting delays raise the likelihood of lower yields and or reduced corn acreage. Outside markets are providing support as crude oil has turned higher and the stock market is up this morning. July is 14 cents higher at $7.21 1/2 and December is 3 1/2 cents higher at $6.61.
Soybean futures are solidly higher at midsession. Speculative buying is supporting the market as equity and crude oil are trading higher at midday. USDA estimated soybean planting progress at 7% complete, well below the five-year average of 17%. Further gains are being limited by some traders being cautious ahead of the USDA Supply/Demand report due out on Wednesday morning. July is 16 3/4 cents higher at $13.51 3/4 and November is 14 1/4 cents higher at $13.33 3/4.
Wheat futures are trading strongly higher at midday. Further deterioration in winter wheat crop condition ratings and spring wheat planting delays are supporting the market. Drought in the southern and western Plains is expected to limit winter wheat production. The crop is rated 33% good-to-excellent, down 1% from the previous week and well below the 66% at this time last year. Trade estimates ahead of USDA’s winter wheat production estimate is 1.3925 billion bushels, down from 1.485 billion last year. USDA reported spring wheat seeding at only 22% complete nationally. This is amongst the slowest ever and well below the five-year average of 61%. CBOT July is 24 1/2 cents higher at $8.15, KCBT July is 27 1/2 cents higher at $9.42 and MGE July is 24 cents higher at $9.68 3/4.
Cattle futures are trading higher at midsession. The market is being supported by stabilized beef prices on Monday and ideas that improving demand seasonally and tight supplies of market-ready cattle will limit further weakness in the cash market. Gains are being limited by ideas high beef prices and the sluggish economy will hurt beef demand. Cash trade is expected to be down another $1-$2 this week from the $115 trade last week. June is 55 cents higher at $109.55 and October is 35 cents higher at $117.20.
Lean hog futures are mostly higher at midday. Futures are higher on firm pork cutouts prices on Monday and ideas that tightening supplies of market ready hogs will support the cash market. Cash prices in the Midwest are mostly steady to 50 cents higher. Further gains in the cash market are being limited by poor packer margins. June is 65 cents higher at $93.30 and August is 48 cents higher at $94.75.
Cotton futures are trading mixed at midsession. The market is mixed as traders are positioning ahead of the USDA Supply/Demand numbers due out on Wednesday morning. July is 179 points higher at 14.19 cents while December is 28 points lower at 123.50 cents.