Corn futures are trading higher at midsession. The market is being supported by the confirmed sale of more U.S. corn to China and ideas that they will need to buy more corn. But gains are being limited by favorable weather that is raised talk of record yields. Also, gains are being limited by weakness in crude oil and the stock market and strength in the dollar. July is 2 3/4 cents higher at $3.46 and December is 1 3/4 cents higher at $3.66 1/4.
Soybean futures are mixed at midday. The market is being pressured by concern about the recent canceled purchases by China from South America due to overbooking and outside market weakness. The stock market and crude oil are lower while the dollar is higher. But new-crop has turned slightly higher on weather uncertainty even through current conditions are favorable for crop growth. July is 1 3/4 cents lower at $9.33 1/4 while November is 1/4 of a cent higher at $8.95.
Wheat futures are trading lower at midsession. The market is lower again today after a brief short-covering rally on Thursday. In the Supply/Demand report yesterday, USDA showed smaller global ending stocks, but world supplies are still expected to remain abundant. Seasonal harvest pressure and strength in the dollar are also weighing on prices. July is 3 1/4 cents lower at $4.30, KCBT July is 7 cents lower at $4.55 1/2 and MGE July is 5 1/4 cents lower at $4.85.
Cattle futures are trading higher at midday. Prices are being lifted by the discount to the cash market. Adding support are ideas that cattle sales are being pulled forward, thus tightening the summer supply of cash cattle. Gains are limited by the sliding beef prices, with choice down $1.65 and select $2.08 lower on Thursday. August is 5 cents higher at $87.83 and October is 5 cents higher at $89.15.
Lean hog futures are trading higher at midsession. Stronger pork cutouts on Thursday are helping boost prices. Cash trade has stabilized and could turn higher next week as packers are short-bought and market ready hog supplies tighten. July is $1.05 higher at $78.75 and August is 63 cents higher at $80.68.