Corn futures are trading slightly higher at midday. The market is being supported by weakness in the dollar and strength in equities and crude oil. There is also some concern that a weekend frost may have damaged some of the emerging corn crop. But gains are being limited by positioning ahead of the Supply/Demand report due out Tuesday morning and trade expectations for planting progress to be around 80% complete in this afternoon’s Crop Progress report. July is 1/4 of a cent higher at $3.72 1/4 and December is 1 3/4 cents higher at $3.87 3/4.
Soybean futures are higher at midsession. Support is coming from weakness in the dollar and strength in the stock market and crude oil. However, gains are being limited by ideas that USDA will show planting progress near 35% complete in the Crop Progress report this afternoon. Trade is also being muted by positioning ahead of the Supply/Demand report due out on Tuesday morning. July is 4 1/4 cents higher at $9.64 1/4 and November is 3 1/2 cents higher at $9.37 3/4.
Wheat futures are solidly lower at midday. Futures are being pressure by bearish fundamentals. World wheat stocks remain abundant and export demand for U.S. wheat is sluggish. Cold weekend weather is not believed to have caused much damage to the winter wheat crop. Meanwhile favorable soil moisture should help keep condition rating strong. Traders are also positioning ahead of the Supply/Demand report due out on Tuesday morning. CBOT July is 14 cents lower at $4.96 1/2, KCBT July is 10 cents lower at $5.11 and MGE July is 10 1/2 cents lower at $5.31.
Cattle futures are trading higher at midsession. The rally in the stock market and weakness in the dollar are supporting cattle futures. Concern about domestic and export demand has been reduced with the strength in financial markets. Expectations are for firm cash trade this week as packer margins remain strong while supplies of market ready cattle remain tight. June is 58 cents higher at $96.48 and August is 50 cents higher at 94.70.
Lean hog futures are lower at midday. The market is being pressured by the steady to weak tone in the cash market. Packer margins are poor as pork prices have slipped from recent higher. Losses are being limited by strength in the stock market and weakness in the dollar. June is 18 cents lower at $85.35 and July is 40 cents lower at $85.63.