Corn futures are trading narrowly mixed at midday. The market is quiet today in low-volume trade as traders get an early start on the extended Memorial Day weekend. Planting delays, weakness in the dollar and some strength in energies and metals are supportive factors. But buying interest is being limited by forecasts for warmer and drier weather next week that would benefit planting and sluggish export demand. July is 4 1/4 cents higher at $7.49 3/4 and December is 2 cents higher at $6.78 1/4.
Soybean futures are slightly lower at midsession. Market action is being limited by light pre-holiday weekend trade. However, the market is being pressured lightly by the outlook for warmer and drier weather next week that will help planting progress. Losses are being limited by weakness in the dollar. July is 1/2 of a cent lower at $13.84 1/4 and November is 1 1/2 cents lower at $13.71.
Wheat futures are trading higher again at midday. The MGE is leading the gains again on speculative buying amid continued spring wheat planting delays in the northern Plains and Canadian prairies. Profit-taking initially weighed on winter wheat prices, but they have been pulled higher by strength at the MGE as of midsession. Weakness in the dollar index this morning is also a supportive factor. CBOT July is 9 cents higher at $8.23 1/2, KCBT July is 10 1/4 cents higher at $9.53 and MGE July is 22 1/4 cents higher at $10.68.
Cattle futures are trading higher at midsession. The market is higher in light trade amid positioning ahead of the holiday weekend. Boxed beef prices have worked higher this week and packer margins are favorable, which is raising ideas that the cash market could stabilize next week. Traders will be watching Memorial weekend beef clearance next week for direction. June is 48 cents higher at $104.50 and August is 63 cents higher at $105.20.
Lean hog futures are mixed at midday. Front end contract are being supported by the discount to the cash market. Cash hog prices are firm despite a big decline in pork cutout values on Thursday. Deferred contracts are mixed on positioning ahead of the extended Memorial Day holiday weekend. June is 93 cents higher at $88.73 and July is 73 cents higher at $88.00.
Cotton futures are trading higher at midsession. The market is rebounding from yesterday’s losses as traders gear up for the holiday weekend. Weakness in the dollar is supportive for commodities. July is 164 points higher at 152.67 and December is 121 points higher at 128.78.