Corn futures are trading lower at midday. The market has been choppy this morning, but is lower at midsession on forecasts for generally favorable weather over the next week. Drier weather in the Corn Belt next week should help crop conditions improve, although more rainfall is forecast for this weekend. Weakness in the stock market and strength in the dollar are also bearish factors. July is 1 1/4 cents lower at $3.43 1/2 and December is 1 cent lower at $3.63 1/2.
Soybean futures are higher at midsession. The market is recovering from recent losses amid firm cash markets and pre-weekend positioning. Weather forecasts are mixed as weekend rainfall in the Midwest could hurt condition ratings in areas already too wet while the outlook for next week is drier. July is 2 1/2 cents higher at $9.58 and November is 2 3/4 cents higher at $9.14 3/4.
Wheat futures are lower at midday. Harvest pressure and early harvest reports from Kansas showing good protein levels. Spring wheat fundamentals have turned more bullish following reports of a smaller Canadian crop, but profit-taking and the correcting of spreads are weighing on the MGE. CBOT July is 5 1/2 cents lower at $4.57 1/2, KCBT July is 6 3/4 cents lower at $4.87 1/2 and MGE July is 8 cents lower at $5.16 3/4.
Cattle futures are steady to higher at midsession. An agreement with Russia to restart poultry exports should help reduce competition for beef. But trade remains light and gains are being limited by weakness in the stock market and strength in the dollar. July is unchanged at $90.65 and August is 15 cents higher at $89.30.
Lean hog futures are mixed at midday. The July contract is lower due to the premium to the cash market, but deferreds are finding support from the agreement with the U.S. and Russia to resume poultry exports, which should reduce total meat supplies. But trade activity is being limited ahead of the quarterly Hogs and Pigs report that is due out this afternoon. July is 18 cents lower at $79.90 and August is 5 cents higher at $83.30.