Corn futures are trading solidly higher at midday. Concerns about corn planting delays and spillover support from wheat are pushing prices higher. USDA will release a new Crop Progress report this afternoon and traders are looking for corn planting progress to be around 13% compared to the five-year average of 22% complete. Weather forecasts call for more wet weather in the southern and eastern Corn Belt this week. May is 15 1/4 cents higher at $7.52 1/2 and December is 12 cents higher at $6.77 1/2.
Soybean futures are slightly lower at midsession. Outside markets turned negative this morning, pulling soybeans lower despite strength in corn and wheat markets. Old-crop is lower on concern about slowing export demand as China cancels purchases and as global demand shifts to the newly harvested crop in South America. New-crop is being pressured by concerns that corn planting delays could lead to additional soybean acreage. May is 1 3/4 cents lower at $13.78 3/4 and November is 7 cents lower at $13.75 1/2.
Wheat futures are trading sharply higher at midday. Weather concerns are supporting futures trade. Continued dry weather in the southern Plains is expected to lead to poor yields and heavy abandonment. In the northern Plains, wet and cool weather is slowing spring wheat planting progress and could prevent some area from being seeded. USDA will issue a new Crop Progress report this afternoon. CBOT May is 19 1/4 cents higher at $8.18 3/4, KCBT May is 20 1/4 cents higher at $9.52 3/4 and MGE May is 23 cents higher at $9.74 1/2.
Cattle futures are trading lower at midsession. Profit-taking is weighing on the market. Recent weakness in boxed beef prices and the Cattle on Feed report provided some fundamental pressure for the market. In the Cattle on Feed report, marketing were larger than expected. However, placements were bearish as the 800+ category was up nearly 22% indicating ample supplies of cattle reaching slaughter weight by late summer. June is $1.28 lower at $113.95 and August is $1.18 lower at $115.50.
Lean hog futures are lower at midday. Fund selling and outside markets are weighing on trade. The dollar index and crude oil are lower while the dollar index is higher. There is concern that high pork prices will slow demand. However, firm cash hog markets this morning and the outlook for tighten hog supplies are helping to limit losses. June is 65 cents lower at $99.40 and July is 63 cents lower at $99.70.
Cotton futures are mixed this morning. The most heavily traded July contract has turned lower on further profit-taking and fund selling. December is higher on concern about the crop and dry conditions in Texas that could eventually threaten to lower crop production. July is 19 points lower at 167.32 cents while December is 198 points higher at 134.12 cents.