Corn futures are lower at midday. Generally favorable weather forecasts for crop development, follow-through technical selling and outside markets are weighing on corn futures. Forecasts show favorable crop growing conditions for the next week to ten days. The dollar is higher while crude oil and the stock market are lower. July is 2 cents lower at $3.49 1/2 and December is 2 3/4 cents lower at $3.69 1/4.
Soybean futures are trading lower at midsession. Profit-taking from the gains on Tuesday, generally favorable crop weather and weakness in crude oil futures are weighing on the market. Weather forecasts call for favorable conditions across the Midwest for the next week to ten day. Net drying is a concern in the south, but abundant subsoil moisture in most areas should help maintain crop condition. July is 3 1/4 cents lower at $9.62 1/4 and November is 8 cents lower at $9.28.
Wheat futures are higher at midday. Short-covering and ideas of a smaller wheat crop in Canada are supporting trade. Statistics Canada projected wheat area down 9.2% and this was from a survey before heavy rains hit western Canada, which has delayed or prevented additional acreage from being planted. CBOT July is 7 1/4 cents higher at $4.68, KCBT July is 5 1/4 cents higher at $4.99 1/4 and MGE July is 3 cents higher at $5.37 3/4.
Cattle futures are trading lower at midsession. Weakness in the stock market and strength in the dollar are weighing on the futures market. But losses are being limited by the June contract’s discount to cash and the monthly Cold Storage report yesterday afternoon showing a five-year low in beef stocks. June is 10 cents lower at $90.20 and October is 8 cents lower at $90.33.
Lean hog futures are lower at midday. Weakness in the cash market on Tuesday and some financial market pressure are weighing on futures. The stock market is lower again this morning and the dollar is higher. The Cold Storage report showed the smallest amount of pork in storage since January 2007, but the decline from April was smaller than expected. July is 55 cents lower at $81.40 and August is 48 cents lower at $84.03.