Despite some volatility, corn futures trade higher at midday

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Corn futures are trading higher at midsession. Corn futures are seeing some volatility but are trading mostly higher. A stronger dollar will make U.S. corn more expensive on the world market, thus limiting gains. Weekly export inspections for corn were 26.8 million bushels. USDA’s crop progress report is expected to show that 86 percent of the corn crop is planted. July is 1 3/4 cents higher at $5.82 3/4 and December is 4 1/4 cents higher at $5.09 1/2.

Soybean futures are trading lower at midday. Global economic uncertainty and an appreciating dollar are weighing on soybean futures. Soybean futures for the July contract traded as low as $13.77 in overnight trade, marking a six week low. Weakness in soybean oil and soybean meal markets is weighing prices down as well. The July contract is down 22 cents at $13.84, and the November contract is down 16 cents at $13.05 1/4.

Wheat futures are trading mixed at midsession. Wheat prices are rebounding after opening lower this morning. Spillover support from the corn market is encouraging prices. Look for favorable rains in the U.S. Plains and abundant global supplies of wheat to add downward pressure on wheat prices. CBOT July is 1/4 cents lower at $5.96 3/4; KCBT July is 1 1/2 cents higher at $6.11 3/4; and MGE July is 3/4 cents higher at $7.27.

Cattle futures are trading higher at midsession. Cattle futures are encouraged by last week’s cash cattle prices which were $120 to $123. Cattle futures continue to see downward pressure on prices as beef cutouts remain weak and the value of the dollar rises. June cattle futures are 50 cents higher at $115.57 and August is 10 cents higher at $117.80.

Lean hog futures are trading higher at midsession. Lean hog futures are mixed at midday Monday. Most contracts are a little higher based on strengthening pork prices. The cutout value rose to its highest level since late March on Friday, but concerns about the world economy and the rising value of the dollar are having a negative effect on hog futures. The June contract is up 10 cents at $85.40, and July is 32 cents higher at $85.42.

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