Corn futures are trading higher at midday. Weakness in the dollar, strength in crude oil and optimism of more corn export sales to China are supporting the market. But further gains are being limited by the strong pace of planting so far this spring. Forecasts call for Midwest rainfall this weekend, which could temporarily slow planting. May is 4 3/4 cents higher at $3.65 1/4 and July is 5 cents higher at $3.74.
Soybean futures are higher at midsession. Outside market support and spillover strength from corn are support soybean futures. The dollar is lower and crude oil higher at midday. But further gains are being limited by the generally satisfactory weather for the soybean harvest in Brazil and Argentina and recent projections raising estimated production. May is 5 cents higher at $9.90 3/4 and July is 4 cents higher at $10.00.
Wheat futures are higher at midday. Short-covering ahead of the weekend and at month’s end is supporting the market. Weakness in the dollar and spillover strength from corn are also bullish factors. However, market fundamentals remain bearish given the large stocks of wheat globally and favorable winter and spring wheat conditions so far this spring. CBOT May is 4 1/2 cents higher at $4.89, KCBT May is 4 cents higher at $5.01 1/2 and MGE May is 2 1/2 cents higher at $5.19 1/2.
Cattle futures are trading higher at midsession. Spillover support from the gains in lean hogs and recent improvement in beef exports are pushing cattle futures higher. Cash trade was weaker this week, but favorable packer margins are expected to help hold up cash bids next week. Boxed beef prices have been mixed this week, but choice cutouts rallied to the highest level since July 2008 earlier this week. April, which expires today, is 53 cents higher at $99.50 and June is 53 cents higher at $94.40.
Lean hog futures are strongly higher at midday. The $1.07 jump in pork cutouts on Thursday and tight hog supplies are supporting futures. There is talk of further tightening market ready hog supplies next week, which would likely support cash prices as packer margins are favorable. June is $2.18 higher at $86.00 and July is $2.25 higher at $86.15.