Corn futures are trading lower at midday. Favorable weather for crop development and improved crop condition ratings are weighing on futures. The corn condition rating edged 1 point higher last week to 77% good to excellent. The crop rating is above the ten-year average of 67% and is one of the highest on record for this date. Outside markets are helping limit losses as crude oil and the stock market are higher while the dollar is strongly lower. July is 1 cent lower at $3.52 3/4 and December is 1 1/2 cents lower at $3.73 1/2.
Soybean futures are higher at midsession. Outside market support and the decline in soybean crop condition ratings last week are supporting soybean futures. USDA’s crop rating slipped 2 points to 73% good to excellent, although this is still one of the highest on record for this date. The strong decline in the dollar index and strength in the stock market and crude oil are pushing soybean futures higher. July is 7 1/4 cents higher at $9.58 3/4 and November is 7 3/4 cents higher at $9.24.
Wheat futures are trading lower at midday. Profit-taking from the sharp gains on Monday is weighing on the market. But losses are being limited by concern about heavy rains in the southern Plains that has delayed HRW harvest and could hurt test weights. Also, reports of reduced wheat acreage in Canada are supportive. The strong decline in the dollar is also a supportive factor. CBOT July is 1 3/4 cents lower at $4.49 3/4, KCBT July is 3 cents lower at $4.76 1/2 and MGE July is 5 1/4 cents lower at $5.18.
Cattle futures are trading lower at midsession. Light profit-taking from the gains on Monday are weighing on futures. Cash trade this week is expected to be steady to lower again as packer margins are poor following the recent losses in beef prices. Further losses are being limited by strength in the stock market and weakness in the dollar. June is 50 cents lower at $89.28 and August is 20 cents lower at $87.93.
Lean hog futures are lower at midday. Weakness in the cash market on Monday and the $1.26 drop in pork cutouts values on Monday are weighing on futures. However, losses are being limited by some firm cash bids in the Midwest this morning. Losses are also being limited by strength in the stock market and weakness in the dollar. July is 50 cents lower at $79.55 and August is 48 cents lower at $81.30.