Corn futures are trading higher at midsession. Spillover strength from soybeans and corn planting delays are supporting futures. Corn planting progress as of Sunday was 2% compared to the 5-year average of 6%. Forecasts show some drier weather in the Midwest, but chances of rain still exist in the already wet southern and eastern Corn Belt. May is 8 cents higher at $3.95 1/2 and December is 7 cents higher at $4.26 1/4.



Soybean futures are strongly higher at midday. Old-crop contracts are leading the gains and hit 2 1/2 month highs amid tight supplies and strong demand for U.S. soybeans, especially from China. Soybean oil and the soy complex are also being supported by firm Malaysian palm oil prices, which have rallied following the recently released smaller than expected stocks report. May is 15 1/2 cents higher at $10.37 and November is 9 3/4 cents higher at $9.37.



Wheat futures are higher at midsession. Spillover support from soybeans and the small decline in winter wheat condition ratings last week are providing support. For spring wheat, planting progress was only 2% on Sunday versus the 5-year average of 11%. However, gains are being limited by forecasts for beneficial rainfall in the central and southern Plains while the northern Plains looks to dry out some. CBOT May is 5 1/4 cents higher at $5.28 1/2, KCBT May is 1 1/2 cents higher at $5.71 1/2 and MGE May is 1 1/4 cents higher at $6.39 1/2.



Cattle futures are trading lower at midsession. Weakness in the stock market and profit-taking on the recent rally to two-month highs are weighing on futures. However, losses are being limited by the strengthening boxed beef market and ideas of firm cash trade this week. Boxed beef prices were up strongly on Monday and are at their highest level since early February. June is 13 cents lower at $74.48 and August is 23 cents lower at $84.95.



Lean hog futures are lower at midday. The market is being pressured by weakness in the stock market and some profit-taking on the recent rally. However, losses are being limited by firm cash markets, recent gains in pork cutout prices, expectations for seasonal improvement in pork demand and declining numbers of market ready hogs. June is 33 cents lower at $73.78 and August is 28 cents lower at $74.95.