Corn futures are solidly higher at midday. Old-crop contracts are leading the gains this morning on outside market support. Strength in crude oil futures and the stock market and losses in the dollar are supporting crop markets. New-crop gains have been limited following recent gains, but support is coming from planting delay concerns. Wet conditions in the Midwest and forecasts calling for more rain over the next week to ten days point to delayed planting. May is 12 cents higher at $7.61 and December is 3 cents higher at $6.79.
Soybean futures are trading strongly higher at midsession. The strong decline in the dollar index and strength in crude oil and the stock market are pushing prices higher. The rally in crude oil this morning is bullish for soybean oil and the soy complex. Spillover strength in corn and wheat has helped pull soybeans higher even through planting delays for corn and spring wheat could lead to increased soybean acreage. May is 28 cents higher at $13.70 and November is 26 1/2 cents higher at $13.80 1/2.
Wheat futures are higher at midday. The market is being supported by concern about continued dry weather in the southern Plains that is hurting HRW production prospects and wet weather in the northern Plains that is delaying spring wheat planting. Sharp losses in the dollar index and strength in equity markets are encouraging fund buying in commodity markets. CBOT May is 13 1/2 cents higher at $7.99 1/4, KCBT May is 12 1/2 cents higher at $9.38 1/2 and MGE May is 16 cents higher at $9.59.
Cattle futures are trading mostly lower at midsession. After opening higher, futures have turned lower. Initial strength was attributed to the $2.07 gain in choice beef prices. Weakness in the dollar and strength in the stock market are supportive for commodity markets. However, futures have turned lower on profit-taking and uncertainty about the cash market this week. June is 48 cents lower at $116.70 and August is 18 cents lower at $118.00.
Lean hog futures are mixed at midday. Weakness in the dollar and spillover strength from the gains in most commodities are supporting most contracts. There is some concern about near-term weakness in the cash market. However, cash price weakness is expected to be limited by strong demand and as market ready hog supplies are expected to tighten. June is 8 cents higher at $102.10 and July is 48 cents higher at $102.20.
Cotton futures are trading mixed at midsession. Old-crop is down strongly on continued fund selling in old-crop. But new-crop is higher on spillover support from other grains, strength in the stock market and weakness in the dollar index. May is 132 points lower at 188.50 cents while December is 125 points higher at 129.98 cents.