Corn futures are trading higher at midsession. Firm cash markets, weakness in the dollar and firm crude oil prices are supporting the market. However, further gains are being limited by the favorable planting weather this week and forecasts for mostly favorable planting conditions in the 6-10 day forecast. May is 5 cents higher at $3.57 1/2 and July is 4 3/4 cents higher at $3.68.
Soybean futures are mostly higher at midday. Old-crop contracts are being supported by a firm cash market, solid export demand and slow farmer selling. But gains are being limited by the March NOPA crush report which was 149.6 million bushels versus pre-report trade expectations of 151.3 million bushels. New-crop contracts remain slightly lower due to the large South American soybean crop and indications of increase soybean acreage in the U.S. this year. May is 2 1/4 cents higher at $9.70 1/4 and July is 2 cents higher at $9.77 1/2.
Wheat futures are lower at midsession. Profit-taking following the recent short-covering bounce is weighing on the market. Wheat fundamentals remain bearish as stocks are abundant in the U.S. and globally. In addition, winter wheat crop prospects are strong with 65% of the crop currently rated good to excellent. CBOT May is 2 3/4 cents lower at $4.73 1/4, KCBT May is 3 cents lower at $4.89 3/4 and MGE May is 1 cent lower at $5.06 3/4.
Cattle futures are trading mixed at midday. Initial gains were attributed to short-covering, but the April contract slipped lower at midsession. Cash trade developed at $99-$100 in the southern Plains yesterday, steady to down $1 from last week. Concern that high beef prices may hurt demand is a bearish factor, although boxed beef prices were higher again on Tuesday. April is 55 cents lower at $97.78 while June is 13 cents higher at $93.60.
Lean hog futures are mixed at midsession. Profit-taking developed to trim gains from overnight trade when several contracts hit new contract highs. Trade has been choppy this morning. The $1.43 jump in pork cutout values and firm cash markets are helping to support the soon to expire April contract. April is 50 cents higher at $77.25 while June is 3 cents higher at $85.50.