Soybean futures rally on Tuesday

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Corn futures are mixed at midday. Old-crop contracts are up slightly on tight stocks of corn, firm cash markets and on talk that China has purchased some U.S. corn. New-crop is being pressured slightly by ideas of increased acreage and from recent rainfall that has helped recharge soil moisture levels in some areas ahead of planting. May is 3 cents higher at $6.62 1/2 while December is 1 cent lower at $5.67. 

Soybean futures are trading strongly higher at midsession. The market is being supported by technical fund buying and the competition with corn for acreage this spring. Firm crude oil prices and gains in the stock market are also contributing to the strength. May is 17 cents higher at $13.51 1/2 and November is 10 1/2 cents higher at $13.10.

Wheat futures are narrowly mixed at midday. Strength in the dollar index and bearish global supply/demand fundamentals are limiting gains. But firm corn prices and solid export demand are limiting losses. The KCBT is mostly lower due to some recent beneficial rainfall in the Plains that will help HRW wheat conditions. CBOT May is 1/4 of a cent higher at $6.51 1/2, KCBT May is 3 1/4 cents lower at $6.93 3/4 and MGE May is 3/4 of a cent higher at $8.20 1/4.

Cattle futures are trading higher at midsession. Expectations for higher cash cattle prices this week are supporting the market. Packers are short-bought and in need of cattle while showlists are generally a little smaller this week. Packer margins remain in the red, but beef demand should improve seasonally soon as grilling season gets underway. April is 40 cents higher at $127.15 and June is 45 cents higher at $124.35.

Lean hog futures are mixed at midday. The April contract is being pressured by concern about sluggish demand for pork. The typical improvement in pork prices this time of year has not happened. However, deferred futures are being supported by ideas that hog numbers will be tightening while demand improves this spring, which should support the cash market. April is 10 cents lower at $87.20 while June is 25 cents higher at $95.13.

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