Corn futures are trading higher at midday. Planting delays and forecast calling for more cool and wet weather are supporting futures. Corn planting progress as of May 15 was 63%, well below the ten-year average of 77% and the fifth slowest in the last 26 years. The delays are mostly a problem in the northern Plains and eastern Corn Belt. Planting last week for North Dakota and Ohio was only 14% and 7%, respectively. Weakness in crude oil and the stock market and strength in the dollar are limiting gains. July is 3 cents higher at $7.00 1/2 and December is 5 cents higher at $6.40 1/2.
Soybean futures are lower at midsession. The market is being pressured by outside markets as crude oil and the stock market are solidly lower while the dollar index is higher. Futures were higher overnight and on the open on planting delay concerns. USDA estimated planting at 22% complete as of Sunday, well below the ten-year average of 34%. Forecasts for more rain and cool weather in the eastern Corn Belt are expected to lead to further delays in planting progress. July is 10 3/4 cents lower at $13.15 3/4 and November is 7 1/4 cents lower at $12.99.
Wheat futures are trading higher at midday. The futures market has turned slightly higher on domestic and global production concerns. Winter wheat condition ratings declined last week. Winter wheat condition ratings declined one point to 32% good to excellent, which is the lowest rating for the week since 1996. USDA reported spring wheat seeding at only 36% complete nationally. Since 1994, this is the second slowest for mid-May. Gains are being limited by strength in the dollar. CBOT July is 9 1/2 cents higher at $7.46, KCBT July is 1 1/2 cents higher at $8.77 1/2 and MGE July is 6 1/2 cents higher at $9.16 3/4.
Cattle futures are trading strongly lower at midsession. Futures fell to their lowest level since January amid fund and technical selling. Outside market pressure is also contributing to the weakness. The stock market and crude oil are lower this morning while the dollar index is higher. Cash trade has not developed yet this week, but traders are looking for trade to be down $1-$2 from the $112 last week. June is $1.23 lower at $107.10 and August is 95 cents lower at $108.80.
Lean hog futures are slightly higher at midday. Strength in pork prices yesterday that pushed cutout values to new all-time highs and firm cash markets are supporting futures, but gains are being limited by concern that pork prices will soon be topping, outside market pressure and spillover pressure from cattle. Weakness in the stock market and strength in the dollar is bearish for demand. June is 10 cents higher at $93.70 and August is 3 cents higher at $93.45.
Cotton futures are higher at midsession. Old-crop futures are being supported by ideas of a short-squeeze when the July contract goes into delivery. Weather concerns for the new-crop are also supportive. July is 335 points higher at 154.50 cents and December is 117 points higher at 121.20 cents.