Corn futures are trading higher at midday. The confirmation of another 118,000 tonne sale of U.S. corn to China is supporting the market. Traders are covering some short positions with outside financial markets stabilizing. Futures are higher despite forecasts for warmer and drier weather in the Midwest over the next week to ten days, which should help improve crop condition ratings. July is 7 cents higher at $3.69 and December is 6 1/2 cents higher at $3.85.
Soybean futures are higher at midsession. Firm cash markets and confirmed sales of 120,000 tonnes of U.S. soybeans to China are supporting futures trade. Planting progress has been slowed this week by rainfall. However, gains are being limited by forecasts for warmer and drier weather in the Midwest over the next week to ten days, which should benefit planting progress. July is 3 cents higher at $9.47 and November is 5 cents higher at $9.13.
Wheat futures are trading mostly higher at midday. Light short-covering is supporting the market as futures have fallen to near technically oversold levels. Some weakness in the dollar and strength in the stock market are supportive following the recent rally in the dollar and weakness in the stock market. Bearish supply/demand fundamentals are limiting gains. CBOT July is 3 cents higher at $4.72 3/4, KCBT July is 3 cents higher at $4.95 1/2 and MGE July is 1/4 of a cent higher at $5.15.
Cattle futures are trading mostly higher at midsession. Light short-covering is supporting the market as outside financial markets have stabilized this morning. Weakness in the cash market this week is a bearish factor, but futures are trading at steep discount to cash. Gains are being limited by boxed beef prices turning lower as choice cutouts hit a one-month low on Thursday. June is 63 cents higher at $92.08 and August is 83 cents higher at $91.30.
Lean hog futures are higher at midday. Gains are being attributed to short-covering from recent losses. Outside financial markets have stabilized this morning. Cash markets have been declining this week and packer margins have tightened, although margins remain positive and benefitted from the 55 cent jump in pork cutouts on Thursday. June is $1.13 higher at $81.38 and June is 93 cents higher at $82.80.