Corn futures are solidly higher at midsession. Spillover support from wheat, weakness in the dollar and bullish supply/demand projections for this marketing year are pushing futures higher. Tight U.S. and global grain supplies are supporting new-crop futures as crops fight for acreage this spring. March is 12 1/4 cents higher at $6.56 1/4 and December is 9 1/2 cents higher at $5.88 1/2.
Soybean futures are trading higher at midday on spillover strength from corn and wheat. Weakness in the dollar and projections for very tight ending stocks of soybeans this marketing year are supportive factors. Gains are being limited by forecasts for more beneficial rainfall for the soybean crop in Argentina. March is 8 cents higher at $13.82 1/4 and November is 8 1/2 cents higher at $13.21 1/4.
Wheat futures are strongly higher at midsession. Ideas of improved export demand for U.S. wheat is supporting prices. Algeria is aggressively looking to buy wheat and they have confirmed purchases of 800,000 tonnes of million wheat. Saudi Arabia is also reportedly in the market for wheat. Dry weather in the U.S. Plains and flooding in Australia threaten to tighten the global supply of high quality wheat. CBOT March is 16 3/4 cents higher at $8.55, KCBT March is 21 3/4 cents higher at $9.39 1/4 and MGE March is 21 1/4 cents higher at $9.77 1/4.
Cattle futures are trading strongly higher at midday. The market is rebounding from the three week low hit on Tuesday. Higher corn prices are price supportive as it could slow beef output while weakness in the dollar is beneficial for beef export demand. The rally in beef prices have stalled, but prices are holding at 2 1/2 year highs. February is 48 cents higher at $106.73 and April is 75 cents higher at $111.90.
Lean hog futures are sharply higher at midsession with new contract highs wet in the February and April contracts. Firm pork cutout values on Tuesday and steady to firm cash bids are supporting futures. Also, a South Korean meat import group is expecting South Korea to need to import 20%-30% more pork this year to cover losses from foot and mouth disease. February is 78 cents higher at $82.60 and April is $2.18 higher at $89.30.
Cotton futures are sharply higher at midday. Speculative buying is driving the market higher amid bullish fundamentals and the competition for acreage this spring. March is 472 points higher at 166.55 cents and December is 173 points higher at 110.40 cents.