Corn futures are trading higher at midday. The rebound in crude oil and the stocks market are supporting futures. USDA pegged corn conditions at 67% good to excellent, which was a little below expectations. But gains are being limited by planting progress remaining well above average at 87% and soil moisture levels are adequate or better in most areas. July is 4 1/2 cents higher at $3.60 1/2 and December is 4 3/4 cents higher at $3.78 1/2.
Soybean futures are higher at midsession. The market is rebounding from recently losses on strength in outside markets. Crude oil and the stock market are rebounding from recent losses. USDA pegged planting progress at 38% complete. While this was above normal, it was below trade expectations. However, gains are being limited by ideas that warmer and drier weather this week will help advance planting progress. July is 1 3/4 cents higher at $9.42 3/4 and November is 2 cents higher at $9.18 1/2.
Wheat futures are trading narrowly mixed at midday. Spillover strength from corn and soybeans are offsetting technical selling and bearish fundamentals. Winter wheat condition ratings remain strong at 66% good to excellent. Spring wheat planting progress at 79% is 1% above the ten-year average. Sluggish export demand and large world wheat stocks remain underlying bearish factors. CBOT July is 1/2 cent higher at $4.69 1/2, KCBT July is 1/2 cent lower at $4.89 1/2 and MGE July is 1 cent higher at $5.12 3/4.
Cattle futures are trading higher at midsession. The market is being supported by financial markets turning higher and short-covering from recently losses. Futures had fallen to near technically oversold levels and futures are at a discount to cash. Light cash developed on Monday at $97-$98 in Kansas compared to $100 last week. June is 55 cents higher at $93.05 and August is 43 cents higher at $91.63.
Lean hog futures are mixed at midday. A recovery in outside market and short-covering after hitting six week lows on Monday initially supported futures. But the losses in pork cutouts yesterday of $1.57 and the weak tone in the cash market is weighing on front end contracts slightly. June is 5 cents lower at $81.45 while August is 35 cents higher at $81.85.