Corn futures are trading lower at midday. Ideas that crop conditions will show some improvement in this afternoon’s Crop Progress report and weakness in crude oil are weighing on the market. Trade expectations fare for crop conditions to be 68% good to excellent, which is still slightly below the average condition of the past five years. Losses are being limited by projections for tight ending stocks. July is 5 1/2 cents lower at $7.81 1/2 and December is 9 1/2 cents lower at $7.03.
Soybean futures are trading slightly narrowly mixed at midsession. Concern about late planted soybeans and flooding along the Missouri River remains a bullish concern that is providing some support. But the market is being limited by USDA’s increased ending stocks projections last week, losses in crude oil and concern about late planted soybeans. July is 3/4 of a cent higher at $13.88 while November is 2 1/4 cents lower at $13.79 1/2.
Wheat futures are mostly lower at midday. The KCBT is leading the losses as some rainfall in the Plains will benefit some of the wheat crop in the northern areas of the HRW wheat belt. Losses at the CBOT are being limited by ideas of increased SRW wheat feeding due to higher corn prices. The MGE has turned mixed as spring wheat planting delays in parts of the northern Plains remain a bullish concern. CBOT July is 4 1/4 cents lower at $7.55, KCBT July is 13 1/2 cents lower at $8.54 1/2 while MGE July is 1/2 of a cent higher at $10.00 1/2.
Cattle futures are trading mixed at midsession. Declining boxed beef prices and concern about sluggish domestic demand is weighing on some contracts. Choice beef prices have been lower for seven consecutive business days and were down another $1.03 on Friday. But futures are choppy as traders wait for direction from the cash market. Cattle traded higher last week, but packer margins have been declining. June is 19 cents lower at $102.55 while August is 13 cents higher at $103.60.
Lean hog futures are trading mixed at midday. Firm cash markets are support the soon to expire June contract. Cash trade is being reported at $1-$2 higher this morning and firm trade is expected to continue the next several days. But deferred contracts have turned lower on profit-taking from recent gains. June is 43 cents higher at $92.13 and July is 28 cents lower at $92.95.