Corn futures are trading solidly higher at midsession. Weakness in the dollar and continued hot weather in Argentina that is further hurting crop prospects for the corn crop are supporting trade. Temperatures in Argentina are expected to be above 100 degrees again today. There had been concern about demand rationing, but that has not been a market factor this morning. March is 6 1/2 cents higher at $6.21 3/4 and May is 6 3/4 cents higher at $6.29 3/4.
Soybean futures are higher at midday. The January contract is approaching $14 as the market if finding support from weakness in the dollar and ideas that the weather in Argentina is hurting soybean crop prospects. Commercial and fund buying is helping the market continue to rally. January is 8 1/2 cents higher at $13.81 1/2 and March is 8 1/2 cents higher at $13.93.
Wheat futures are trading higher at midsession. The market is rebounding from recent losses on weakness in the dollar and spillover strength from corn. The poor wheat conditions this fall in the western Plains and concern that poor winter wheat and spring wheat could lose out in the acreage battle next spring is supportive. CBOT March is 17 3/4 cents higher at $7.98, KCBT March is 13 3/4 cents higher at $8.57 1/2 and MGE March is 16 1/4 cents higher at $8.82 1/2.
Cattle futures are higher at midday. Ideas that cash trade will be firm this week and strength in boxed beef prices on Monday are supportive factors. Cash trade has not developed yet this week, but short-bought packers and the firm beef prices will give feedlots reasons to hold out for firm bids. December is 75 cents higher at $105.65 and February is 83 cents higher at $108.78.
Lean hog futures are trading mixed. Front end contracts are slightly lower while deferreds are higher. The quarterly Hogs and Pigs report released after the close yesterday showed hog inventory as of December 1 at 64.3 million head, down just about 1 percent from a year earlier. The number of breeding hogs and the number of market hogs were both a little smaller than the average of the pre-release survey results. February is 10 cents lower at 78.75 and April is 5 cents lower at $82.70.
Cotton futures are trading higher this morning as prices rebound from recent profit-taking losses. Weakness in the dollar is also a supportive factor for the commodity markets. March cotton is 114 points higher at 146.90 cents.