Corn futures are trading lower at midday. Prices are weighed down by the stronger U.S. dollar index which is following the election of Socialist Francois Hollande as president of France and caused a sell-off of the euro. Weekend rains across the Corn Belt are adding pressure, as much of the crop is already planting and will benefit from the rain, which also means there is less to be concerned about as far as planting delays. New crop December corn is below $5.20 at a new life-of-contract low. July is 4 1/2 cents lower at $6.15 3/4 and December is 7 3/4 cents lower at $5.16 1/2.

Soybean futures are trading lower at midsession. Soybeans opened low after a surge in the U.S dollar. Outside factors such as the recent elections in France and Greece may be placing downward pressure on prices. Another bearish factor for soybeans are weekly soybean inspections below expected projections of 14 to 18 million bushel at 9.9 million bushes. Futhermore, today the USDA reported export sales of 110,000 tonnes of soybeans deliverable to unknown destination during the 2011/2012 marketing year. This should encourage soybean prices. The July contract is down 8 3/4 cents at $14.69 1/4, and the November contract is up 12 3/4 cents at 13.54.

Wheat futures are trading lower at midday. Traders are expecting USDA to confirm that Thursday’s May crop report will show a large winter wheat crop thus adding downward pressure on wheat prices. News of the Socialist candidate’s election in France and growing public backlash in France, Greece and other troubled EU member states against Germany’s demands for austerity have investors set shed risky assets. Lastly, favorable rains are expected to continue to add pressure to wheat prices. CBOT July is 3 1/4 cents lower at $6.23 3/4; KCBT July is 5 1/4 cents lower at $6.04 1/4; and MGE July is 10 cents lower at $7.34.

Cattle futures are lower at midday. Futures were expected to trade higher this morning based on favorable prices in the cash cattle market last week. However, futures are seeing some volatility from outside market influences such as the recent European elections in France and Greece. Gains will be limited by weakness in the boxed beef prices; choice was down 67 cents to $190.29 while select declined 79 cents to $186.11. June cattle futures are 22 cents higher at $115.60 and August is 20 cents lower at $118.30.

Lean hog futures are mixed but mostly lower at midday. The market is being pressured by developments in outside markets, with the stock market lower and the value of the dollar higher. But an increase in the pork cutout on Friday to its highest level since early April has triggered some short covering and speculative buying. Cash bids are reported steady to lower on Monday morning. The June contract is down 20 cents at $83.52, and July is down 82 cents at $84.50.

Cotton futures are trading lower at midsession. Spillover weakness from the stronger U.S. dollar index and selling in the grains are weighing on cotton. Favorable rains in the southeast, particularly Georgia, over the weekend are adding pressure. Losses are limited by reduced rainfall forecasts for Texas. Rain is still expected to move through tonight and Tuesday and will be beneficial, but will not be nearly as much as was forecast last week. July is 35 points lower at 87.64 cents and December is 40 points lower at 85.40 cents.