Corn futures are trading higher at midsession. Corn futures remain steady after rebounding in overnight trade. Overall, the fundamentals of the market remain bearish. The USDA’s crop progress report showed that 86 percent of the corn crop is planted which will limit gains. Above average expected harvests and yields will add pressure to prices also. July is 3 cents higher at $5.86 and December is 5 3/4 cents higher at $5.11 1/2.
Soybean futures are trading higher at midday. Despite, global economic uncertainty and a steady dollar soybean futures rebounded in overnight trade taking back some of the losses incurred over the previous two days of trading. The fundamentals of the market remain bullish. Poor soybean harvests in Argentina and Brazil will likely add additional support to prices. Weakness in the soybean oil market is weighing prices down as well. The July contract is up 4 3/4 cents at $13.91 3/4, and the November contract is up 2 1/4 cents at $12.97.
Wheat futures are trading higher at midsession. Wheat prices are trading higher on concerns that dryer weather in the US Midwest may damage the progressing wheat crop. A price rally in the corn market is lending support to prices as well. Look for expected rains in the U.S. Plains and abundant global supplies of wheat to continue to add downward pressure on wheat prices. CBOT July is 8 cents higher at $6.06 1/4; KCBT July is 8 1/2 cents higher at $6.23; and MGE July is 16 ¾ cents higher at $7.42.
Cattle futures are trading higher at midsession. Cattle futures are rising as demand and beef cutout values rebound. Choice was up almost $1.93 and select was up $2.65. Trade in the cash cattle market is quiet but asking prices are expected to open at $122 in the South and $195 or higher in the North. June cattle futures are 25 cents higher at $116.40 and August is 50 cents higher at $118.50.
Lean hog futures are trading higher at midsession. Strengthening pork prices and demand for pork products are supporting prices. The pork cutout value remains strong at $81.99, up $1.44 from the previous day. Packer margins are favorable and trade in the cash markets are up $1. The June contract is up $1.07 cents at $86.45, and July is $1.17 cents higher at $86.70.