Corn futures are trading lower at midsession. The market is being pressured by profit-taking and ideas that corn planting progress will be good in the central and western Corn Belt. Weather remains a big market factor. Corn planting has gotten off to a slow start. Traders expect USDA to report corn planting progress at 16% as of Sunday, the third slowest on record and well below the average pace of 40%. July is 10 3/4 cents lower at $7.45 3/4 and December is 4 cents lower at $6.65 1/2.
Soybean futures are lower midday. Old-crop is being pressured by spillover from corn and continued concern about slowing export demand. China has slowed its purchases recently and global demand has largely shifted to the newly harvest crop in South America. New-crop soybeans are lower at midday, but trade has been choppy this morning. Corn planting will pick up this week in the central and western Corn Belt, limiting the amount of acreage that could be switched to soybeans due to planting delays, but further delays are expected in the southern and eastern Midwest. July is 3 1/4 cents lower at $13.90 3/4 and November is 3/4 of a cent lower at $13.73 1/2.
Wheat futures are trading higher at midsession. After a sharply higher open, gains have been trimmed. But futures are higher on ideas that winter wheat crop condition ratings will remain poor in the Crop Progress report due out this afternoon. Cool and wet weather in the northern Plains and Canada are expected to further slow spring wheat planting progress. CBOT July is 2 1/4 cents higher at $8.03 1/2, KCBT July is 1 1/2 cents higher at $9.03 4/2 and MGE July is 3 cents higher at $9.51.
Cattle futures are trading lower at midday. Losses in beef prices on Friday and ideas that cash trade will lower again this week are weighing on futures. Choice cutouts were down $2.11 and select cuts were $1.84 lower on Friday. Packer margins are poor and many plants are slowing slaughter, which will limit demand for cattle again this week. June is 88 cents lower at $112.48 and August is 80 cents lower at $114.90.
Lean hog futures are trading higher at midsession. Strength in pork cutout prices on Friday and expectations for firm early this week are helping futures recover from technically oversold levels. Short-covering is providing support, but gains are being limited by technical damage done to the charts last week and concern about pork demand given high prices and high energy costs. June is 33 cents higher at $95.55 and August is 38 cents higher at $97.60.
Cotton futures are strongly lower at midday. July is trading 332 points lower at 154.70 and December is 253 points lower at 128.40.