Corn futures are trading higher at midday. Sharp gains in crude oil and the stock market along with weakness in the dollar are supporting futures. Expectations for more export demand from China remains an underlying supportive factor. But gains are being limited by generally favorable crop weather and weekly export sales coming in at the low end of pre-report trade estimates. July is 1 cent higher at $3.72 1/2 and December is 1 1/4 cents higher at $3.92.
Soybean futures are higher at midsession. Outside markets are supporting futures with strong gains in the stock market and crude and weakness in the dollar. But gains are being limited by favorable crop weather for planting and growth of the newly emerged crop. Weekly export sales reported this morning were below trade expectations and Census Bureau April soybean crush at 136.6 million bushels was below trade estimates averaging 138.1 million. July is 9 cents higher at $9.47 and November is 5 3/4 cents higher at $9.15 3/4.
Wheat futures are solidly higher at midday. Weakness in the dollar and higher equity markets are helping futures rebound from technically oversold levels. In addition, weekly export sales reported this morning were above pre-report trade expectations. CBOT July is 7 1/4 cents higher at $4.69, KCBT July is 6 1/4 cents higher at $4.95 and MGE July is 6 3/4 cents higher at $5.15 1/2.
Cattle futures are trading higher at midsession. Weakness in the dollar and strength in the stock market are helping to support futures. The discount of futures to cash is also supportive, although cash prices are lower so far this week. Gains are being limited by the recent weak tone in boxed beef prices. June is 50 cents higher at $91.30 and August is 38 cents higher at $90.30.
Lean hog futures are mixed at midday. Strength in the stock market and weakness in the dollar are providing support at times, but the nearby June contract has turned lower amid weakness in the cash market. Cash markets were down about $2 on Wednesday and the weak tone has continued today as packers need less hogs this week as Memorial Day orders were filled last week. June is 50 cents lower at $81.15 and August is 3 cents higher at $83.25.