Corn futures are higher at midsession. Spillover strength from soybeans is helping to push corn futures higher. However, the rally is being limited by strength in the dollar and favorable weather for the tail end of planting and early season growth. After rains last week, warmer weather and sunshine should help improve crop condition ratings. July is 3 cents higher at $3.72 and December is 4 1/4 cents higher at $3.89 1/2.
Soybean futures are trading higher at midday. Strength in the cash market amid tight supplies is supporting trade. The market is higher despite improved weather for planting progress. In the Crop Progress report this afternoon, the market is looking for planting to be around 55% complete. Strength in the dollar and weakness in the stock market are also limiting gains. July is 5 1/2 cents higher at $9.46 1/2 and November is 12 cents higher at $9.19 1/2.
Wheat futures are steady to slightly higher at midsession. Short-covering is lightly supporting the market amid spillover strength from corn and soybeans. But gains are being limited by the sharp rally in the dollar, weakness in the stock market and abundant supplies of wheat in the U.S. and globally. CBOT July is 1 1/4 cents higher at $4.73 1/4, KCBT July is unchanged at $4.95 and MGE July is 1 1/4 cents higher at $5.15 3/4.
Cattle futures are trading mixed at midday. The market opened lower on the weak tone in the cash market last week and declined boxed beef prices. However, short-covering has helped pull the front end contract slightly higher. The Cattle on Feed report was neutral for the market as it was near trade expectations. Placements in April were up 2% from a year-ago, but the number of cattle on feed as of May 1 was down 3.4% from last year. June is 8 cents higher at $91.45 while August is 3 cents lower at $90.60.
Lean hog futures are mixed at midsession. Lower cash hog markets and the 23 cent decline in pork cutouts are weighing on the nearby. But deferreds are mixed as the Cold Storage report on Friday showed pork in storage at a six-year low. Frozen pork supplies are down 21% from last year. June ended 25 cents lower at $81.20 while August is 18 cents higher at $82.50.