Corn futures are trading 3 to 11 cents lower at midday. Corn futures turned lower following the wheat market, with the July contract down 11 1/4 cents. The rising dollar and commercial selling are depressing market prices. However, calls for hot, dry weather in the U.S. Midwest should provide the market with some support. USDA crop progress report showed corn 97 percent planted and 77 percent good to excellent.
Soybean futures are trading 11 to 15 cents lower at midday. Soybean futures are seeing much volatility as they have been trading both sides of the market. Pressure from declines in both corn and wheat markets are weighing on prices as well as declines in the soy complex. Firm export demand and hot dry weather forecasts in the South and Midwest over the next week should lend some support to the market.
Wheat futures are trading 3 to 7 cents lower at midsession. Futures continued to decline as the market reacted to calls for timely rains in Russia’s key wheat producing regions. The renewed surge in the value of the U.S. dollar is also pressuring wheat prices. Weather still remains a concern as forecasts of higher temperatures in the U.S. Plains have not subsided. This may provide a boost to prices.
Cattle futures are trading 37 to 57 cents higher at midsession. Cattle futures are up as beef cutout prices show improvement. Choice was up more than $2 while select was down slightly on yesterday. Traders are expecting demand to pick up as Memorial Day weekend approaches. No trade is reported in the cash market currently, but preliminary asking prices are expected to start at $125 in the South and $197 in the North.
Lean hog futures are trading 40 to 47 cents lower at midday. Hogs futures are declining as parker margins are becoming more negative. Although Monday’s pork cutout value was up 21 cents it was not enough to spur expectations of strengthening demand. Trade in the cash market is light, with prices reported as steady to 50 cents lower in some areas.