Corn futures are higher at midday. Weakness in the dollar, strength in the stock market and crude oil and spillover support from soybeans are supporting corn trade. But gains are being limited by generally favorable crop weather in the Corn Belt. Seasonally warm temperatures and rainfall should help keep crop condition ratings strong. July is 2 cents higher at $3.39 1/4 and December is 2 1/2 cents higher at $3.59.
Soybean futures are trading solidly higher at midsession. Old-crop months are leading the gains as tight cash markets and soybean products are offering support. Soybean meal is up on limited soybeans for crush and soybean oil is being supported by the rally in crude. New-crop is being pulled higher as well, but gains are being limited by generally favorable weather for crop growth. July is 17 1/2 cents higher at $9.48 1/2 and November is 7 cents higher at $9.01 1/4.
Wheat futures are higher at midday. Weakness in the dollar and spillover support from soybeans are pushing wheat markets higher. But gains are being limited by positioning ahead of USDA’s Supply/Demand and Crop Production reports. Despite ideas of a smaller estimate for U.S. and world wheat crops, stocks are expected to remain abundant. CBOT July is 1 3/4 cents higher at $4.34, KCBT July is 1 1/4 cents higher at $4.63 1/4 and MGE July is 1 cent higher at $4.90 1/2.
Cattle futures are trading higher at midsession. Strength in the stock market and weakness in the dollar is helping the market continue the short-covering rally from near four-month lows that started on Tuesday. But gains are being limited by continued weakness in boxed beef prices and ideas of lower cash trade this week. June is 10 cents higher at $90.05 and August is 30 cents higher at $88.13.
Lean hog futures are higher at midday. Short-covering from technically oversold levels are supporting futures amid strength in the stock market and weakness in the dollar. The outlook for tightening hog supplies this summer is supportive, but front end gains are being limited by recent weakness in pork cutout prices and the weak tone in the cash market. June is 23 cents higher at $77.85 and August is 83 cents higher at $80.15.