Corn futures are trading mixed at midsession. Spillover weakness from wheat and ideas of good corn planting progress last week and this week are weighing on new-crop futures. Forecasts call for mostly dry weather in the eastern Corn Belt, where planting progress has been lagging. USDA will update planting progress this afternoon and traders are looking for it to be near 90% complete. The nearby July contract is higher on spillover strength in crude oil and weakness in the dollar index. July is 3/4 of a cent higher at $7.59 1/4 while December is 5 1/2 cents lower at $6.78 1/2.
Soybean futures are higher at midday. Strength in crude oil and weakness in the dollar are supporting futures trade. There is uncertainty about soybean acreage, but improved weather over the next week should help the tail end of corn planting, which will limit the switch of acreage to soybeans. July is 8 1/4 cents higher at $13.88 and November is 6 1/2 cents higher at $13.75.
Wheat futures are strongly lower at midsession. News that Russian will lift it grain export ban is weighing heavily on the market. After a good harvest, Russia is planning to resume grain exports on July 1. Further losses are being limited by poor winter wheat condition ratings, slow spring wheat planting progress and weakness in the dollar index. CBOT July is 31 cents lower at $7.88 3/4, KCBT July is 26 1/2 cents lower at $9.16 1/2 and MGE July is 11 1/4 cents lower at $10.45.
Cattle futures are trading higher at midsession. Optimism that beef demand for the Memorial Day holiday weekend was good and expectations for firm cash trade this week are supporting futures trade. Favorable margins and short-bought packers are expected to raise bids $1-$2 this week to fill full slaughter schedules next week. June is 95 cents higher at $105.05 and August is 50 cents higher at $105.55.
Lean hog futures are strongly higher at midday. The firm pork prices on Friday and discount of further to the CME hog index are supporting eh market. Packer margins are poor, but there is optimism that the holiday weekend pork clearance was strong and that pork prices will improve. Weakness in the dollar is a supportive factor for pork exports. June is $1.68 higher at $90.60 and July is $1.65 higher at $90.25.
Cotton futures are trading strongly higher at midsession. Strength in China’s cotton prices and concern about the U.S. crop are supportive factors. Continued drought in Texas is hampering U.S. production prospects. July is 521 points higher at 157.88 and December is 475 points higher at 134.25 cents.