Corn futures are trading higher at midday. Strong gains in crude oil and the higher stock are helping the market rebound from yesterday's losses. Wet conditions in the eastern Corn Belt will further delay the tail end of corn planting and could push some more acreage from corn to soybeans. July is 10 cents higher at $4.42 1/2 and December is 10 1/2 cents higher at $4.65 1/2.



Soybean futures are higher at midsession. The market is rallying on spillover strength from crude oil and the stock market. The market has been able to recover despite bearish news in the weekly export sales report. Cancellations of sales to China were reported, which is the first sign that high prices are beginning to slow demand. July is 27 3/4 cents higher at $12.09 3/4 and November is 20 cents higher at $10.67.



Wheat futures are strongly higher at midday, regaining some of the losses posted on Wednesday. A weaker dollar and strength in crude oil is bullish, but there is little other news to influence the market. The Buenos Aires Grain Exchange in Argentina lowered their wheat crop area to 3.2 million hectares, down 30% from last year and the lowest on record. CBOT July is 18 3/4 cents higher at $6.90 1/2, KCBT July is 18 3/4 cents higher at $6.90 1/2 and MGE Jul is 29 1/4 cents higher at $7.62 1/2.



Cattle futures are trading mostly higher at midsession. The market is being supported by short-covering from technically oversold conditions. Futures discount to the expected cash market this week is also slightly supportive. However, gains are being limited by weak beef demand. Boxed beef prices were down again on Wednesday, with choice beef hitting the lowest level since April 13. June is 13 cents higher at $79.63 and October is 20 cents higher at $86.05.



Lean hog futures are mostly lower at midday. Further weakness in pork prices, losses in the cash market and weak technicals are weighing on futures. But losses are being limited by technically oversold conditions that have encouraged some short-covering. June is 70 cents lower at $56.60 and August is 48 cents lower at $62.30.