Corn futures are trading strongly higher at midday. The market is being supported by short-covering following the sharp losses on Thursday and outside markets. The dollar index is lower again this morning while crude oil and the stock market are higher. Forecasts show some open weather that will allow for some corn planting in the western Corn Belt, but the eastern Corn Belt is expected to remain wet next week. July is 14 cents higher at $7.43 1/4 and December is 16 cents higher at $6.53 3/4.
Soybean futures are trading higher at midsession. The market is stabilizing today with some short-covering following the losses on Thursday. Weakness in the dollar is bullish for commodities. Traders are watching the weather forecast. Soybean seeding is just getting underway, but corn planting delays could affect acreage. Gains in new-crop are being limited by concern that wet weather in the eastern Corn Belt could lead to additional soybean acres. July is 9 cents higher at $13.62 1/2 and November is 8 1/4 cents higher at $13.46.
Wheat futures are solidly higher at midday. A recovery rally from recent losses is supporting the futures market. Profit-taking and some improvement in weather forecast for the Plains have weighed on futures this week. However, there remains concern about the irreversible damage to wheat yield prospects in Texas, Oklahoma and western Kansas. CBOT July is 10 3/4 cents higher at $7.88 1/4, KCBT July is 9 cents higher at $8.89 and MGE July is 6 1/4 cents higher at $9.30.
Cattle futures are trading mixed at midsession. There has been some support this morning in the June contract on the discount of futures to cash and short-covering from losses earlier this week. But deferreds are mixed as there remains concern about beef demand. Boxed beef prices have turned lower this week. Cash trade was down $2-$3 this week compared to the prior week. June is 15 cents higher at $113.33 while August is 3 cents lower at $115.78.
Lean hog futures are strongly lower at midday. Weakness in the cash market and lower pork prices this week pushed futures lower. The June contract has slipped to the lowest level in six weeks. Pork prices were down 68 cents on Thursday after falling $2.38 on Wednesday. Cash trade is generally steady to $1 lower today as most packers have needs covered for the week. June is $115 lower at $95.35 and August is 60 cents lower at $97.20.
Cotton futures are trading lower at midsession. After falling to the lowest level in three months, the market is trying to recover from early session weakness. Weakness in the dollar and firm other crop markets are helping trim losses. July is 62 points lower at 151.40 and December is 33 pints lower at 126.25.