Corn futures are trading 14 to 17 cents higher at midsession. Corn prices continue to climb on weather worries of a different kind. The trade is now concerned about possible hurricane damage as opposed to drought damage. Hurricane Isaac reached landfall, bringing strong winds and heavy rains across the Southeast. As a result of the storm, traders anticipate more damage to an already battered corn crop and the potential for flooding.
Soybean futures are trading 14 to 15 cents higher at midsession. Of the grain complex, the soybean market is generally more bullish than the other markets. Prices are supported by a growing concern over tight supplies while global demand continues to skyrocket. Mostly recently prices have garnered strength as the trade awaits the damage caused by Hurricane Isaac across the southern United States.
Wheat futures are trading 20 to 25 cents higher at midsession. Wheat futures are again leading the grain complex at midday. Today prices have a more fundamental support to maintain this midday rally. Yes spillover support from the other grain markets are helping to push prices higher, but fresh news concerning Russian wheat exports is the primary driver behind today's market movement. The market is reacting to news that Russian have to limit or postpone exports due to poor wheat production, which could potentially increase demand for U.S. wheat.
Live cattle futures are posting strong gains at midsession. Nearby cattle futures are trading over $1 higher at midday despite soft wholesale beef prices. Residual buying and expectations for higher cash prices are propping up futures at the moment. Traders expect movement in the cash market to pick up ahead of the three day weekend.
Lean hogs futures are trading mixed at midsession. Futures are randomly mixed across the board at midday weighed down by short term bearish fundamentals. Prices are on the defensive, pressured by lower cash hog and wholesale pork prices. Traders anticipate weakness in the market to continue as long as pork supply remains plentiful. In regards to the cash market, prices are anticipated to be as much as $1 lower at some terminals.