Corn futures are trading higher at midday. The rally in soybeans and short-covering from recent losses are helping to push corn futures higher. The market was lower overnight and gains are being limited by strength in the dollar and weakness in crude oil futures. Tight global feed grain supplies are providing underlying support. March is 4 1/2 cents higher at $6.13 and May is 4 1/2 cents higher at $6.21 1/4.
Soybean futures are trading solidly higher at midsession. Ideas that the recent profit-taking losses were overdone and bullish fundamentals are supporting the market. Commercial buying is supporting the market as export demand remains strong. USDA will release a new Supply/Demand report next week and USDA is expected to show tight ending stocks. January is 22 cents higher at $13.83 and March is 20 3/4 cents higher at $13.90 1/4.
Wheat futures are trading higher at midday. Spillover support from soybeans and corn has helped the market rally from recent losses. Dry weather in the western Plains remains a concern for the HRW crop and the crop is now vulnerable to a cold snap due to limited or no snowcover. However, gains are being limited by strength in the dollar and sluggish export demand. CBOT March is 4 1/2 cents higher at $7.93 3/4, KCBT March is 7 1/4 cents higher at $8.56 1/2 and MGE March is 8 cents higher at $8.84 1/4.
Cattle futures are trading mixed at midsession. Front end contracts are being supported by the recent strength in beef prices. Choice cutouts were up another $1.71 on Tuesday. Gains are being limited by some lower cash trade yesterday compared to early in the week. Cash trade was $105-$106 versus $106-$106.50. Deferreds are mixed with some pressure coming from profit-taking and the big premium of futures to cash. February is 15 cents higher at $106.33 while February is 8 cents lower at $110.20.
Lean hog futures are traded mostly higher at midday. The outlook for tightening hog supplies is supporting the market. However, gains are being limited by weakness in pork prices on Tuesday and the steady to lower tone in the cash market. Strength in the dollar is also a bearish factor for deferred contracts as it is a negative factor for exports. February is 45 cents higher at $77.75 and April is 3 cents higher at $81.90.
Cotton futures are trading higher at midsession. The market turned higher late on Tuesday and gains are being extended today on concerns about tight global cotton supplies. Further gains are being limited by strength in the dollar. March is 182 points higher at 145.60 cents and May is 178 points higher at 139.67 cents.