Corn futures are solidly lower at midsession. Recent weather in the Midwest helped the tail end of corn planting and weather forecasts call for more ideal growing conditions this weekend and next week. USDA will update planting progress and crop condition ratings this afternoon. Outside markets are also pressuring prices as crude oil is lower and the dollar index is higher. July is 11 3/4 cents lower at $7.42 1/4 and December is 15 cents lower at $6.71 1/4.
Soybean futures are trading lower at midday. Ideas that significant planting progress has been made and forecast for more favorable growing conditions are weighing on futures. The market is expecting USDA to report planting progress at around 75% complete compared to 51% a week-ago. Mostly warm and dry weather is expected in the Midwest the first part of the week before cooler temperatures and some rain develop this weekend and next week. Weakness in crude oil and strength in the dollar are also supportive factors. July is 11 cents lower at $14.03 1/2 and November is 9 1/2 cents lower at $13.87 1/2.
Wheat futures are mostly lower at midsession. Winter wheat futures and deferred MGE contracts are being pressured by spillover weakness from corn, favorable rain in dry area of western Europe and strength in the dollar. However, the MGE July contract is higher amid firm cash prices for spring wheat and planting delays in the northern Plains and Canada that are expected to limit. CBOT July is 14 1/2 cents lower at $7.59 1/4, KCBT July is 8 cents lower at $9.06 1/4 while MGE July is 19 1/2 cents higher at $10.80.
Cattle futures are mostly lower at midday. Today is first notice day for the June contract and the contract is slightly lower as futures are near recent cash trade. However, cash trade is expected to be steady to firm this week due to favorable packer margins. The futures market remains concerned about rising supplies of market ready cattle and there is uncertainty about beef demand with unemployment remaining high. June is 58 cents lower at $103.60 and August is 35 cents lower at $104.75.
Lean hog futures are mostly lower at midsession. The nearby June contract is up slightly on the $1.30 jump in pork cutouts on Friday. However, deferreds are mostly lower on concern about pork demand amid the still high unemployment rate. Cash markets are steady to $1 lower as packer margins remain poor. June is 13 cents higher at $89.35 while July is 43 cents lower at $87.43.
Cotton futures are trading lower at midday. Profit-taking from the 3-month highs set on Friday and outside market pressure are weighing on futures. New-crop losses are being limited by continued drought in Texas, the largest producing state. July is 355 points lower at 158.08 cents and December is 24 points lower at 138.46 cents.