Corn futures are trading higher at midday. After dropping to six-month lows last week, short-covering is helping to lightly support the market. Weakness in the dollar and strength in crude oil are supportive factors. Weather forecasts are mixed as some areas should be able to make some spring fieldwork progress this week while rain will slow activity in other areas. May is 1/2 of a cent higher at $3.45 and July is 3/4 cent higher at $3.56 3/4.
Soybean futures are slight lower at midsession. The market has been choppy with some early strength coming on support from weakness in the dollar, firm crude oil prices and firm equities. But improved soybean harvest weather in South America and ideas that export shipments will soon slow as the business shifts to South America. May is 4 1/4 cents lower at $9.37 3/4 and July is 4 1/4 cents lower at $9.47.
Wheat futures are lower at midday. The CBOT May contract fell to a new contract low this morning. The large supplies of wheat in the U.S. and globally continues to pressure prices. Export shipments were improved last week at 20.1 million bushels, but sales have been very slow this marketing year. Losses are being limited by weakness in the dollar. CBOT may is 4 cents lower at $4.50 3/4, KCBT May is 1 3/4 cents lower at $4.68 1/4 and MGE May is 3/4 cent lower at $4.88 1/4.
Cattle futures are trading higher at midsession. The market is being supported by firm cash trade last week, spillover support from the lean hog pit and outside market strength are supporting the market. Further gains are being limited by ideas that boxed beef prices are topping. April is 78 cents higher at $97.43 and June is 93 cents higher at $94.45.
Lean hog futures are strongly higher at midday. Strength in pork cutouts on Friday and the firm tone in the cash market are pushing futures higher. Pork cutouts hit 2 1/2 week highs last week. Futures are building on the contract highs set in some contracts last week. The Hogs and Pigs report continues to provide bullish momentum. April is $1.88 higher at $76.00 and June is $1.73 higher at $85.10.