Corn futures are trading mixed at midsession. The July contract is down slightly will deferreds are holding steady. Corn futures are seeing added support as high temperatures are forecasted across the U.S. Midwest and Southeast this weekend. It is expected that corn and soybean crops will see some damage as a result of the high temperatures. However, gains are being limited by economic situation in the European Union.
Soybean futures are trading 6 to 11 cents higher at midsession. Soybeans futures are up as the market reacts to calls for hot dry temperatures in key U.S. soybean regions over the weekend. However, the market is seeing slight pressure from weakness in the soybean meal market and news the China cancelled four shipments of Brazilian soybeans due to their declining crushing margins.
Wheat futures are trading 12 to 19 cents higher at midsession. Wheat futures are rising as weekend weather forecasts are bullish for the market. The market is seeing additional support from rising prices in the corn market. Wheat harvest is underway in Kansas; the prospect of lower than expected yields is encouraging prices as well. However, lingering concerns about the economic stability in the EU may limit gains.
Cattle futures are trading mixed at midsession. Cattle futures are experiencing another day of volatile trade. Beef cutout values were mixed on yesterday. Choice was up slightly while select was down 81 cents. Trade in the cash market is expected to be complete going into the holiday weekend.
Lean hog futures are trading 17 to 50 cents higher at midsession. Hog futures are trading higher despite the bearish market sentiment. The rally in futures prices is mostly due to short covering. Gains will be limited by declining pork cutout values and weak demand. Pork packer margins remain negative while, trade in the cash market is mostly steady. Prices are still reported as 50 cents to $1 lower.