Corn futures are solidly higher at midday. The market is bouncing back from the losses on Tuesday with help from a recovery rally in crude oil prices and the stock market. News that China may issue new corn import quotas has helped extend gains. But further gains are being held back by favorable weather for the tail end of planting and early season crop condition ratings. July is 5 1/4 cents higher at $3.69 1/2 and December is 5 1/2 cents higher at $3.88 1/4.
Soybean futures are higher at midsession. The market is rebounding from the weakness on Tuesday amid technically oversold technicals. The firm cash market and strength in crude oil futures and the stock market are supportive factors. But gains are being limited by more favorable weather this week for soybean planting and early season crop growth. July is 3 1/4 cents higher at $9.33 3/4 and November is 3 1/2 cents higher at $9.06 1/2.
Wheat futures are trading mixed at midday. The market initially opened higher on short-covering and a rebound in the stock market. However, further strength in the dollar and bearish fundamentals are limiting gains and are pushing some contracts lower. Winter and spring wheat crop condition ratings are well above average. CBOT July is 1/2 of a cent higher at $4.61, KCBT July is 3/4 of a cent lower at $4.84 and MGE July is 2 1/4 cents higher at $5.05 1/2.
Cattle futures are trading higher at midsession. The market is rebounding from three-month lows set on Tuesday and technically oversold levels. A recovery rally in the stock market is a supportive factor. Futures are at a discount to cash despite cash trade developing already this week at $93-$94 in Kansas, down $2-$4 from last week. June is 58 cents higher at $90.60 and August is 55 cents higher at $89.63.
Lean hog futures are higher at midday. A rebound in financial markets and short-covering are supporting lean hog futures. The stock market is recovering some of its losses this morning. But gains are being limited by the weak tone in the cash market and ideas that pork cutouts have topped. June is 35 cents higher at $81.50 and August is 73 cents higher at $82.75.