Corn futures are mixed at midday. Short-covering from three-month lows are supporting old-crop contracts. Rumors of export sales to China are also supportive. But new-crop is lower on generally favorable crop weather and on outside market pressure. The dollar index is higher while crude oil and the stock market are lower this morning. July is 7 3/4 cents higher at $6.88 1/4 while December is 3 1/2 cents lower at $6.42 1/2.
Soybean futures are trading mixed at midsession. Outside market pressure and forecasts for generally favorable growing conditions in the Midwest into next week are weighing on new-crop contracts. Losses are being limited as traders are cautious to take too much weather premium out of the market at this time. Old-crop has turned higher on spillover support from corn. July is 2 1/2 cents higher at $13.20 1/4 while November is 3 1/2 cents lower at $13.13 3/4.
Wheat futures are trading lower at midday. Outside markets are pressuring prices this morning. The dollar index is higher while the stock market is trading lower. Reports of improved crop prospects globally remains a bearish factor. Some harvest pressure is also weighing on trade as winter wheat harvest progress continues to run at a strong pace. CBOT July is 4 1/2 cents lower at $6.44 1/2, KCBT July is 1/2 of a cents lower at $7.55 1/2 and MGE July is 1 1/2 cents lower at $8.42 1/2.
Cattle futures are trading mixed at midsession. The market has been pressured this morning by profit-taking from recent gains and weakness in the stock market. But trade has turned mostly higher on support from strength in beef prices and the firm cash market. However, there is some concern that beef prices will ease once wholesale buying for July Fourth needs are completed. August is 23 cents higher at $112.95 and October is 10 cents higher at $118.95.
Lean hog futures are solidly lower at midday. Outside market weakness and positioning ahead of the quarterly Hogs and Pigs report is weighing on futures. Packer margins remains poor despite pork cutouts at record high levels as cash prices remain very high. Traders expect the Hogs and Pigs report to show June 1 hog supplies about unchanged from a year ago. July is 80 cents lower at $96.20 and August is 85 cents lower at $95.05.