Corn futures are trading higher at midsession. The market is choppy and range-bound today as traders wait for fresh news. Spillover pressure from soybeans and generally favorable weather forecasts are bearish factors. But futures have moved higher on ideas that planted acreage will fall from planting intentions and on spillover strength from crude oil and the stock market. July is 2 3/4 cents higher at $4.06 and December is 2 cents higher at $4.25 3/4.



Soybean futures are strongly lower at midday. Profit-taking is weighing on futures despite strength in the stock market and crude oil. Rainfall is forecast for much of the Midwest, which will be beneficial for much of the crop. However, areas in the eastern Corn Belt and south that are too wet do not need more rain and additional moisture will further delay late planting progress. July is 19 cents lower at $11.94 3/4 and November is 19 cents lower at $10.24 1/2.



Wheat futures are trading steady to mixed at midsession. Spillover weakness from soybeans, sluggish export demand and ample world wheat supplies are bearish factors. While some harvest pressure is expected today, rainfall in Kansas will limit harvest this weekend. In addition, more rain in the SRW wheat belt will keep concerns of increased disease pressure alive. CBOT July is 1/2 of a cent higher at $5.60 3/4, KCBT July is 1/2 cent higher at $6.19 1/2 while MGE July is 6 1/4 cents lower at $7.00 1/4.



Cattle futures are trading higher at midday. Positioning ahead of the Cattle on Feed report due out this afternoon has helped support the market. Trade expectations for on feed numbers as of June 1 are down 3% from last year, possibly hitting the lowest level in ten years. May placements are expected to be down 12% from year-ago. Cash cattle trade has not yet developed, other than light trade in the North at steady prices with last week. June is 10 cents higher at $80.88 and August is 45 cents higher at $82.15.



Lean hog futures are trading strongly higher at midsession. The steady tone in the cash market and rebound in pork cutouts of 71 cents on Thursday have helped prompt the short-covering bounce. The market had fallen to new contract lows for several contracts earlier this week amid concerns about ample pork supplies and sluggish demand. July is $1.53 higher at $61.45 and August is $2.25 higher at $61.40.