Corn futures are trading mixed at midsession. Strong corn planting progress this week and bearish outside markets initially pressured prices. Strength in the dollar and strong losses in crude oil are bearish market factors. But technical buying and support from soybeans have helped turn futures higher. May is 1 cent higher at $3.64 1/4 and July is 1/2 cent higher at $3.74 1/4.
Soybean futures are higher at midday. The market has rebounded from a lower open on technical buying and firm cash markets. Profit-taking after the strength this week and outside market pressure initially weighed on futures. Strength in the dollar and weakness in crude oil and the stock market are bearish factors. May is 4 cents higher at $9.88 and July is 4 1/2 cents higher at $9.97 1/2.
Wheat futures are trading higher at midsession. The market has been choppy this morning, but has turned higher on a round of short-covering. Gains are being limited by strength in the dollar and weakness in equities. Fundamentals remain generally bearish, but the market remains vulnerable to short-covering bounces. CBOT May is 3 1/4 cents higher at $4.83 1/2, KCBT May is 1 3/4 cents higher at $4.98 1/4 and MGE May is 1/2 cent higher at $5.12 1/2.
Cattle futures are trading mostly lower at midday. The April contract is slightly higher on support from strength in the cash beef market. Boxed beef prices are at 21 month highs. However, deferreds have turned lower on lightly profit-taking ahead of the weekend and on pressure from weakness in the stock market. April is 20 cents higher at $98.20 while June is 35 cents lower at $93.95.
Lean hog futures are mixed at midsession. The market is choppy as profit-taking has developed from contract highs. The $2.81 jump in pork cutouts and the firm cash market are supportive factors, but profit-taking is weighing on front end futures. June is 13 cents lower at $85.95 and July is unchanged at $86.15.