Corn futures are sharply higher at midday. The market has traded up the 30 cent limit at time following the bullish Acreage and Stocks reports from the USDA. In the Acreage report, USDA pegged acreage at 87.872 million, down 1.4 million from the average trade estimate. This compares to planting intentions of 88.8 million acres and plantings last year at 86.5 million. Corn stocks on June 1 were 4.310 billion bushels, down about 290 million from trade expectations. July is 26 1/2 cents higher at $3.51 1/2 and December is 27 cents higher at $3.71.
Soybean futures are mixed at midsession. Old-crop months are being supported by the smaller than expected June 1 stocks number and spillover support from corn. Grain stocks as of June 1 were pegged at 571 million bushels, down about 25 million from the average trade estimate. New-crop is lower as USDA pegged acreage at 78.868 million, up about 675,000 acres from the average trade estimate. July is 4 1/2 cents higher at $9.51 3/4 while November is 2 3/4 cents lower at $9.09 1/4.
Wheat futures are strongly higher at midsession. Spillover support from corn has helped trigger a short-covering rally in wheat despite bearish USDA reports. USDA pegged spring wheat acreage at 13.907 million, up about 175,000 from trade expectations. All wheat acreage at 54.305 million is up about 500,000 from trade expectations. Grain stocks on June 1 were also bearish at 973 million bushels compared to trade expectations of 940 million. CBOT July is 18 1/4 cents higher at $4.60 1/4, KCBT July is 14 3/4 cents higher at $4.83 and MGE July is 10 1/4 cents higher at $5.02 3/4.
Cattle futures are trading higher at midsession. Front end futures are being supported by ideas that cash trade will mostly be $91 this week, steady with last week and up $1 from the light early week trade. Firm boxed beef prices and smaller showlists should be supportive. Deferred contracts are being supported by strength in corn that could limit beef production if prices remain high. August is $1.40 higher at $90.15 and October is 85 cents higher at $91.20.
Lean hog futures are higher at midday. Short-covering is supporting the market following recent losses. The deferred contracts are up on the rally in corn that could curb pork production into next year. Gains are being limited by weakness in pork prices and concern about near-term demand for hogs with some packers closed on Friday and most closed on Monday for the July fourth holiday. July is 70 cents higher at $79.45 and August is $1.05 higher at $82.00.