Corn futures are higher at midsession. The rally has pushed prices to new contract highs and the highest level in two years. Speculative buying continues to be supportive amid ideas of declining stocks this marketing year. A slower than normal harvest pace coupled with delays this week in the eastern Corn Belt are also bullish factors. December is 6 cents higher at $3.22 3/4 and March is 5 3/4 cents higher at $3.32 1/4.



Soybean futures have rallied to new three-month highs this morning. The market is finding support on spillover strength from corn and wheat along with harvest delays in the south and eastern Midwest due to the recent rainfall. November is 8 1/2 cents higher at $5.97 1/2 and January is 7 1/2 cents higher at $6.11.



Wheat futures are higher at midday although gains have been trimmed. Fund buying is again supporting the market, pushing the KCBT and CBOT to new highs this morning. Tightening supplies of wheat globally remains the underlying supportive fundamental factor. CBOT Dec is 5 1/2 cents higher at $5.48, KCBT Dec is 5 1/2 cents higher at $5.51 1/2, and MGE Dec is 4 1/2 cents higher at $5.33.



Cattle futures are trading higher at midsession. Expectations for steady to firm cash markets this week and rising boxed beef prices are supporting the market. However, feeder cattle futures are lower due to rising corn prices. October is 25 cents higher at $87.85 and December is 18 cents higher at $87.60. October feeder cattle are down 125 points at $106.60.



Lean hog futures are lower at midday. Fund selling and follow-through technical weakness is weighing on the market. Cash hogs are mostly steady so far today, but there is concern that prices will not hold up given the recent weakness in pork cutout values. December is 90 cents lower at $59.90 and February is $1 lower at $62.23.