Corn futures are trading mixed at midsession. Corn futures are trading mixed to mostly higher at midday. The July front month contract is down slightly while deffered contracts hold steady. Firm cash basis and strong demand for corn will lend support to prices. Spillover support from the rising wheat and soybean markets will help to limit losses. Analysts are expecting today’s crop progress report to show corn conditions as 70 percent good to excellent.
Soybean futures are trading higher at midday. Soybean futures recovered after prices plunged on profit taking last week and weakness in the soy complex. Soybeans prices are trading up as the fundamentals of the market remain bullish. Look for dry weather forecast in parts of the US Midwest and Mississippi Delta to lend support to prices as well. Prices are seeing additional strength from higher prices in both the soymeal and soyoil markets.
Wheat futures are trading higher at midsession. Wheat prices turned up after choppy overnight trade at the CBOT. Weather is currently driving force behind the wheat market. Limited rainfall in the US Plains and Australia over the next 10 days will cause prices to rise as wheat supplies are expected decline. Analysts estimate the US winter wheat crop rating down at 58 percent good to excellent.
Cattle futures are trading higher at midsession. A friendly USDA Cattle on Feed Report caused prices to soar. The report showed an unexpected decline in April placements at 15 percent. Prices are supported by higher beef cutout values and strong demand for beef products. Trade in the cash market is expected to be steady to $2 higher.
Lean hog futures are trading lower at midsession. Lean hog futures continue to decline on poor demand and declining pork cutout values. Packer margins are negative, weighing on pork prices. Trade in the cash market is called steady to $1 cents higher this week. Traders are expecting the rally it cattle market to lend support to pork prices, which would limit losses.