Corn futures are strongly higher at midsession. Increasing concern about cool and wet weather further delaying planting in the eastern Corn Belt and outside markets are supporting corn trade. Forecasts call for more rain and cool weather in the Midwest. USDA reported the sales of 125,000 tonnes of corn to South Korea this morning. South Korea bought corn last week after it fell to a six-week low. Strength in crude oil and the stock market and weakness in the dollar has helped extend gains. July is 21 cents higher at $7.03 and December is 15 1/2 cents higher at $6.42 1/2.
Soybean futures are trading higher at midday. Spillover support from corn and outside markets are supporting futures. There are weather concerns for soybeans as planting progress is expected to remain below normal in the Crop Progress report this afternoon. Strength in crude oil and the stock market and weakness in the dollar are bullish for crop markets. Gains are being limited by sluggish export demand. July is 4 1/2 cents higher at $13.34 and November is 4 cents higher at $13.14 3/4.
Wheat futures are higher at midsession. Poor wheat conditions in the southern Plains and more stress weather in the western Plains are supporting futures. Spring wheat planting delays continue in the northern Plains. USDA will update winter wheat conditions and spring wheat planting progress in the Crop Progress report this afternoon. Weakness in the dollar is also helping the support the market. CBOT July is 8 3/4 cents higher at $7.36 1/2, KCBT July is 5 1/2 cents higher at $8.75 and MGE July is 11 3/4 cents higher at $9.12.
Cattle futures are trading steady to higher at midday. Firm boxed beef prices on Friday and ideas of improving demand seasonally are providing some lightly support. Gains are being limited by technical weakness following recent losses and fund long liquidation. Cash trade was mostly $112 last week, but there is talk of cash trade being down another $1 this week as showlists will are likely to be larger this week. June is 15 cents higher at $109.15 and August is unchanged at $110.55.
Lean hog futures are lower at midsession. After a firm open, futures have turned lower on profit-taking from recent gains. Cash fundamentals are mostly bullish. Cash trade is expected to be steady to $1 higher today as pork cutouts have improved and as packers need hogs to slaughter for Memorial Day weekend orders. June is 70 cents lower at $93.85 and August is 38 cents lower at $94.10.
Cotton futures are strongly higher at midday. The market is rebounding from recent losses with help from outside markets. Weakness in the dollar and strength in the stock market and crude oil are bullish for commodity markets. July is 560 points higher at 150.75 cents and December is 529 points higher at 120.90 cents.