Corn futures are trading higher at midsession. The market has been pulled higher by the confirmed sale of U.S. corn to China. There is also talk of hot and dry weather stressing China’s 2010 corn crop. In addition, crude oil and the stock market are higher while the dollar is lower. But gains are being limited by favorable crop weather and ideas that crop condition ratings will remain strong in the Crop Progress report this afternoon. July is 2 3/4 cents higher at $3.52 1/4 and MGE Dec is 2 cent higher at $3.73.
Soybean futures are higher at midday. Futures are being supported by weakness in the dollar and strength in crude oil and equities. The market is higher despite a bearish NOPA crush report. May crush was 127.8 million bushels compared to trade expectations of 131.7 million. Soybean oil is offering support as it rallies on strength in crude oil and concern about weather problems limiting Canada’s canola crop. July is 8 3/4 cents higher at $9.55 and November is 7 3/4 cents higher at $9.17.
Wheat futures are solidly higher at midsession. The MGE is leading the rally as spring wheat is finding support from ideas of a smaller wheat crop in Canada after the Canadian Wheat Board reported late last week that wet weather left up to 12.5 million acres of cropland unplanted in Western Canada. Rain in the southern Plains has stalled winter wheat harvest and will likely hamper quality and hurt protein levels in the HRW crop. CBOT July is 12 cents higher at $4.52 3/4, KCBT July is 9 1/4 cents higher at $4.76 1/4 and MGE July is 20 1/4 cents higher at $5.22.
Cattle futures are trading higher at midday. Strength in outside markets is supporting futures trade as the stock market and crude oil are higher while the dollar is lower. But gains are being limited by the weak tone in the cash market last week at $92-$93 and ideas of lower trade again this week. Boxed beef prices continued to decline last week. On Friday, choice cutouts were $1.99 lower, hitting the lowest level since March. June is 65 cents higher at $90.15 and August is 75 cents higher at $88.03.
Lean hog futures are strong higher this morning. Higher cash pork prices on Friday and firm bids this morning along with outside markets are supporting futures trade. Pork prices have rebounded from four-month lows set last week. Strength in the stock market and weakness in the dollar is positive for pork exports. July is $1.80 higher at $80.35 and August is $1.30 higher at $81.65.