Corn futures are trading higher at midsession. The market has been choppy this morning, but support is finding support at midday. Early pressure came from forecasts for moderating temperatures and rain this weekend in the Corn Belt. Weakness in the crude oil and strength in the dollar also pressured prices. However, forecasts calling for more warm and dry weather next week helped push prices higher. September is 3 3/4 cents higher at $6.83 and December is 4 cents higher at $6.77.
Soybean futures are higher at midday. Futures are being supported by strength in corn and concern that moderating temperatures and rainfall forecast for this week will only offer minor relief from the stress on the crops this week. Soybean trade remains in a trading range as traders continue to eye weather forecasts for direction. August is a critical time for soybean reproduction, but poor July weather can trim yield potential. August is 3 cents higher at $13.83 1/4 and November is 4 1/2 cents higher at $13.92 1/2.
Wheat futures are trading mixed midday. Most contracts are lower this morning due to strength in the dollar and concern about the competitiveness of U.S. wheat on the global market. The Russian Agricultural Minister reaffirmed last week that it expects to be a leading grain exporter this season due to a good harvest. But the CBOT Sep has been pulled slightly higher by spillover strength in corn. CBOT Sep is 1 1/2 cents higher at $6.78 3/4, KCBT Sep is 4 3/4 cents lower at $7.69 1/2 and MGE Sep is 5 1/2 cents lower at $8.28 1/4.
Cattle futures are trading higher at midsession. Positioning ahead of the USDA reports due out this afternoon are supporting the market. The Cattle on Feed report is expected to show on feed numbers up 1%-2%, June marketings up 2%-3% and June placements down 6%-7% from last year. The inventory report is expected to show contractions in the cattle herd with most categories down 1%-2% from last year. The market is higher despite the $1.65 drop in choice cutouts and the $1.46 decline in select cuts on Thursday. August is 90 cents higher at $110.90 and October is 75 cents higher at $116.15.
Lean hog futures are strongly higher at midday. Strength in the cash market this week and firm pork cutout values are supporting futures trade. National average cash prices were up about $2 yesterday and cutouts were up 30 cents. Hot weather is slowing hog marketings and is hampering weight gain, which is helping to support the cash market. August is $2.20 higher at $100.30 and October is $2.20 higher at $92.85.