Corn futures are strongly higher at midsession. Spillover strength in wheat, weakness in the dollar and strength in crude oil and the stock market are supporting futures trade. March is 17 1/2 cents higher at $5.61 1/2 and May is 18 cents higher at $5.69 1/2.
Soybean futures are higher at midday. Futures are being supported by weakness in the dollar, strength in crude oil and the stock market and spillover strength from wheat. Dry weather and forecasts for hot temperatures in Argentina are bullish as weather has hampered the outlook for the soybean crop. January is 32 1/4 cents higher at $12.75 1/2 and March is 32 1/2 cents higher at $12.84.
Wheat futures are sharply higher at midday. The market is being supported by weakness in the dollar, strength in the stock market and news that Egypt bought 165,000 tonnes of U.S. wheat. Continued dry weather in the western Plains and low winter wheat crop condition ratings remains a bullish factor. In addition, heavy rains in eastern Australia is slowing harvest and raising quality concerns there. CBOT Mar is 40 3/4 cents higher at $7.31 1/4, KCBT Mar is 41 1/2 cents higher at $7.87 and MGE Mar is 42 1/4 cents higher at $8.02 1/2.
Cattle futures are trading mostly higher at midsession. Strength in the cash market in early week trade and firm beef prices overnight and supporting front end contracts. Cash trade developed in the southern Plains as high as $104. December is 48 cents higher at $103.55 and February is 25 cents higher at $106.63.
Lean hog futures are mostly lower at midday. The cash market has been higher early this week, but bids are expected to turn lower later this week. Packer margins have tightened as pork cutouts were down $1.59 on Tuesday. Losses are being limited by weakness in the dollar and strength in the stock market. December is 28 cents lower at $68.75 and February is 13 cents lower at $75.65.
Cotton futures are sharply higher at midsession. Outside market strength and bullish fundamentals are supporting the market. March is up the 400 point limit at 121.34 cents and May is 400 points higher at 116.50 cents.