Corn futures are trading solidly higher at midday. Gains in crude oil and precious metals have helped push corn futures higher. Forecasts call for more rain in the eastern Corn Belt, which will further limit planting progress. On the other hand, warmer and drier weather has helped promote planting in the central and western Corn Belt. USDA will update planting numbers in the Crop Progress report due out this afternoon. July is trading 11 1/4 cents higher at $6.97 1/2 and December is 7 1/2 cents higher at $6.47 3/4.
Soybean futures are higher at midsession. Strength across most commodity markets is supporting soybean futures. Firm crude oil and precious metal futures are sparking speculative buying in crop markets. Some improvement in corn planting in parts of the central and western Corn Belt will leave less acreage to potentially be shifted to soybeans. Gains are being limited by sluggish export demand. July is 5 cents higher at $13.31 and November is 4 1/2 cents higher at $13.13.
Wheat futures are sharply higher at midday. Support is coming from more hot and dry weather in the Plains that will further stress the winter wheat crop. USDA will update crop condition ratings this afternoon. Gains have been extended on speculative buying due to the sharp rally in crude oil and precious metals this morning. CBOT July is 26 cents higher at $7.85 1/2, KCBT July is 33 1/4 cents higher at $9.07 1/4 and MGE July is 34 cents higher at $9.37 3/4.
Cattle futures are trading mixed at midsession. Recent losses in beef prices and ideas of lower cash trade this week are weighing on the front end contracts. However, deferreds are mostly higher on spillover support from strength across most commodity markets. Crude oil, metals and crop markets are all higher this morning. June is 13 cents lower at $109.73 while August is 8 cents higher at $111.65.
Lean hog futures are higher at midday. The broad based strength in commodity markets has helped support lean hog futures. Ideas that demand will improve seasonally is supportive. Gains are being limited by cash markets starting the week steady to $1 lower. There are ideas that tightening supplies of market ready hogs and an uptick in demand seasonally will help push cash prices higher again soon. June is 53 cents higher at $92.90 and August is 20 cents higher at $94.15.
Cotton futures are mixed at midday. Old-crop is lower again on additional fund long liquidation, but new-crop is higher as some risk premium for this year’s crop is being added to the market. July is 11 points lower at 145.45 while December is 117 points higher at 12.46 cents.