Corn futures are trading higher at midday. Outside markets are leading to a broad-based rally in commodities. The dollar index is lower and the stock market is higher on ideas that signs of progress with the restricting of Greek debt. Solid gains in crude oil are also providing support. March is 6 1/2 cents higher at $6.38 1/4 and May is 6 3/4 cents higher at $6.44 1/2.
Soybean futures are higher at midsession. After the strong losses on Monday, futures are rebounding slightly on short-covering at month’s end. The dollar has turned lower while Dow Jones and crude oil futures are trading higher. However, gains are being limited by the rainfall expected in Argentina this week that will benefit the soybean crop and the forecasts for rain in southern Brazil later in the week. March is 4 1/4 cents higher at $11.88 1/2 and May is 4 1/4 cents higher at $11.99 1/2.
Wheat futures are trading higher at midday. The market is being supported by weakness in the dollar index and spillover strength in corn. Commercial buying and short-covering at the end-of-the-month are helping push futures higher. While global supply/demand fundamentals remain bearish due to abundant wheat supplies, there is some concern about winterkill in some of the wheat crop i-n Russia and the Ukraine over the weekend due to cold temperatures and the lack of sufficient snow cover. CBOT Mar is 18 cents higher at $6.62 3/4, KCBT mar is 16 cents higher at $7.13 1/2 and MGE Mar is 9 3/4 cents higher $8.28 3/4.
Cattle futures are trading higher at midsession. The market is being supported by end-of-month short-covering and outside market support. Weakness in the dollar index and strength in equity markets are supporting commodity trade. Cash trade is not expected to develop until later in the week. Showlists are generally larger this week and packer margins remain deeply in the red, which could pressure the cash market again this week. February is $1.03 higher at $124.95 and April is 95 cents higher at $128.70.
Lean hog futures are higher at midday. Short-covering and the firming tone in the cash market are supporting futures trade. Pork cutouts were up 65 cents on Monday and packers are raising bids to get enough hogs to fill slaughter schedules despite poor processing margins. Outside markets are also providing support as the dollar index is lower and the stock market is higher. February is 80 cents higher at $87.25 and April is 95 cents higher at $88.10.