Corn futures are trading strongly higher at midday. Spillover support from soybeans, strong gains in crude oil, bullish weekly export sales, strength in the stock market and weakness in the dollar are all supportive factors. The market is higher despite mild temperatures and chances of rain in the Corn Belt, which should benefit the crop during pollination and ear filling. September is 9 3/4 cents higher at $3.30 1/2 and December is 11 1/2 cents higher at $3.39 1/2.



Soybean futures are sharply higher at midsession. The market has shot higher on tight stocks of old-crop soybeans, strong sales in the weekly export sales report, gains in equities and weakness in the dollar. USDA confirmed sales of 120,000 tonnes of old-crop soybeans to China and 1.8 million tonnes of new-crop. New-crop is being pulled higher as well despite generally favorable crop growing weather. August is 59 1/4 cents higher at $11.16 3/4 and November is 47 cents higher at $9.63.



Wheat futures are solidly higher at midday. Spillover support from corn and soybeans, weakness in the dollar and better than expected weekly export sales are supporting wheat futures. Sluggish export demand has been a bearish factor for the wheat market recently, but sales last week of 21.1 million bushels were above trade expectations. CBOT Sep is 7 cents higher at $5.18 1/2, KCBT Sep is 8 3/4 cents higher at $5.55 1/4 and MGE Sep is 5 1/4 cents higher at $6.03 1/2.



Cattle futures are trading higher at midsession. Strength in the stock market and weakness in the dollar has helped cattle futures as well as other commodity markets turn higher. Boxed beef prices were a little lower on Wednesday, but had rallied to a one-month high on Monday. But demand concerns are limiting further gains as jobless claims reported this morning were larger than expected. August is 40 cents higher at $84.35 and October is 15 cents higher at $89.40.



Lean hog futures are mostly lower at midday. Front end contracts are leading the losses with the August contract posting a new low. The sharp decline in pork prices and talk that packers will slow slaughter are weighing on front end futures. However, some deeper deferreds are higher on support from strength in corn prices. August is $1.63 lower at $55.13 and October is 60 cents lower at $52.50.