Corn futures are trading mixed at midsession. Old-crop contracts are being pressured by profit-taking from the unwinding of bull spreads as old-crop previous gained on new-crop. However, deferred contracts are higher on planting delay concerns. As of Sunday the crop was 79% planted, well below the 92% at this time last year and the ten year average of 88%. More rain in the eastern Corn Belt and northern Plains this week will further delay planting in the problem areas. July is 7 cents lower at $7.47 while December is 2 1/2 cents higher at $6.73.
Soybean futures are higher at midday. Planting delays and outside markets are supporting the market. USDA reported soybean planting advanced to 41% complete as of Sunday compared to 51% last year and the ten-year average at 53%. More rain in the eastern Corn Belt and northern Plains this week will further delay planting. A rebound in crude oil prices and weakness in the dollar are supporting prices as well today. July is 7 1/4 cents higher at $13.81 and November is 10 3/4 cents higher at $13.61 1/2.
Wheat futures are trading mostly lower at midsession. The market is drifting lower as traders wait for early harvest reports in the southern Plains. Poor condition ratings and drought have been supportive the market. Rainfall in some areas of the central Plains will still benefit the crop. Losses at the MGE are being limited by spring wheat planting delays. Spring wheat seeding was only 54% complete nationally as of Sunday, well below the 89% seeded last year and the ten-year average of 88%. CBOT July is 9 1/2 cents lower at $7.92 1/2, KCBT July is 6 1/2 cents lower at $9.24 1/2 and MGE July is 2 cents lower at $9.99.
Cattle futures are trading mixed at midday. Strength in boxed beef prices on Monday and short-covering from the recent sharp decline are providing light support. Technical weakness and concern about beef demand remains a bearish factor for the market. However, with beef prices higher on Monday and ideas that warmer weather could kick start the grilling season are supportive for front end contracts. June is 45 cents higher at $102.60 while October is 38 cents lower at $110.20.
Lean hog futures are lower at midsession. Weakness in pork prices and lower cash market trade today are weighing on futures again today. Pork cutout values were down $2.06 on Monday and cash prices in the Midwest are mostly $1-$2 lower this morning. Pork prices are sliding now that wholesalers have completed their pork purchases ahead of the Memorial weekend holiday. June is 93 cents lower at $88.33 and July is $1.23 lower at $88.10.
Cotton futures are trading strongly higher at midday. The market is rebounding from losses yesterday with help from outside markets. Strength in crude oil and gold and weakness in the dollar are providing some support to the market. July is 142 points higher at 155.31 cents and December is 556 points higher at 125.32 cents.