Corn futures are trading lower at midsession. Strength in the dollar and weakness in crude oil and equities are weighing on corn futures. Profit-taking has also been noted after prices rallied earlier this week on news that China had purchased U.S. corn. Wet weather in the Corn Belt will slow some planting progress, but with the strong pace so far this spring the moisture should be mostly beneficial for the crop. July is 9 cents lower at $3.64 and December is 8 1/2 cents lower at $3.80 1/2.  


 


Soybean futures are lower at midday. Outside markets are weighing on trade as crude oil and the stock market are lower while the dollar is higher. NOPA reported the April crush this morning at 131.7 million bushels, well below the average trade estimate of 136.6 million. Demand for U.S. soybeans has slowed following the record harvest in Brazil and Argentina. July is 9 1/2 cents lower at $9.55 and November is 10 cents lower at $9.25 1/4.  


 


Wheat futures are lower at midsession. Strength in the dollar, spillover pressure from corn and soybeans and bearish fundamentals are weighing on futures. A stronger dollar will make U.S. wheat even less competitive on the export market. Futures have dipped below some key moving averages, which is encouraging technical selling. CBOT July is 5 cents lower at $4.74, KCBT July is 4 1/4 cents lower at $4.92 1/2 and MGE July is 3 1/2 cents lower at $5.14 3/4.


    


Cattle futures are trading strongly lower at midday. Strength in the dollar and concern that the cash market is topping is weighing on futures. Boxed beef prices were lower on Thursday, with choice cutouts down $1.26. Wholesale demand is expected to slow soon as Memorial Day orders are filled. The strength in the dollar is bearish for the export market and losses in the stock market point to possible weakness in domestic demand. June is $1.10 lower at $94.48 and August is $1.48 lower at $93.18.


 


Lean hog futures are lower at midsession. Strength in the dollar and weakness in the stock market is pressure the futures market. Pork cutouts were down 49 cents on Thursday and there is concern that prices have topped as wholesale orders for Memorial Day are nearly complete. Pork exports in March were disappointing and strength in the dollar could slow trade. June is 70 cents lower at $83.90 and July is 95 cents lower at $84.30.