Corn futures are trading lower at midday. The market is giving back some of Thursday’s gains amid forecasts for favorable crop weather over the extended Memorial Day holiday weekend. Strength in the dollar and weakness in the stock market are also pressuring prices. July is 2 cents lower at $3.71 1/4 and December is 2 1/2 cents lower at $3.91.
Soybean futures are lower at midsession. After the rally to a near two-week high on Thursday, futures are setting back slightly ahead of the extended holiday weekend. Forecasts call for generally favorable weather for planting and early season crop growth. Strength in the dollar and weakness in the stock market are also bearish factors. July is 2 1/2 cents lower at $9.49 1/4 and November is 3 cents lower at $9.15 3/4.
Wheat futures are higher at midday. Technical buying and short-covering are supporting prices ahead of the extended holiday weekend. But gains are being limited by strength in the dollar and sluggish export demand for U.S. wheat. There was news that Egypt bought Russian wheat at a recent tender, but this was not a surprise to the market. CBOT July is 4 3/4 cents higher at $4.72 1/2, KCBT July is 5 1/4 cents higher at $4.98 and MGE July is 3 1/2 cents higher at $5.17 1/4.
Cattle futures are trading lower at midsession. Weakness in the cash market this week and declining boxed beef prices are weighing on futures. Choice cutouts were down $1.31 on Thursday and fell to the lowest level since April 7. Losses are being limited by the discount of futures to cash. June is 35 cents lower at $91.23 and August is 58 cents lower at $90.20.
Lean hog futures are mostly higher at midday. Short-covering was prompted ahead of the extended holiday weekend by strength in pork cutouts on Thursday. Cash markets have been weak, but there are ideas that favorable packer margins will help support the cash market again next week. Gains are being limited by strength in the dollar and weakness in the stock market. June is 43 cents higher at $81.60 and July is 53 cents higher at $83.23.