Corn futures are trading lower at midsession. Generally favorable growing conditions in the Midwest are weighing on futures. Strength in the dollar is also a bearish factor. However, losses are being limited by strength in crude oil and improved export shipments reported in the weekly export sales report. July is 1 1/2 cents lower at $3.85 and December is 3 1/2 cents lower at $4.03 3/4.



Soybean futures are mixed at midday. Old-crop contracts are being supported by tight stocks despite small net old-crop export sales and the smaller than expected Census soybean crush number for May. New-crop futures have turned lower as acreage estimates have increased and as growing conditions are generally favorable in the Midwest. July is 11 1/2 cents higher at $11.96 1/2 while November is 3 1/2 cents lower at $10.04 1/2.



Wheat futures are lower at midsession. Seasonal harvest pressure is weighing on the market amid favorable harvest conditions in the Plains. Weekly export sales and shipments remain sluggish, although commitments were at the high end of trade expectations. CBOT July is 3 cents lower at $5.36 3/4, KCBT July is 4 3/4 cents lower at $5.92 3/4 and MGE July is 5 1/2 cents lower at $6.87 1/2.



Cattle futures are trading mostly lower at midsession. Front end contracts are slightly higher despite light cash trade developing yesterday at $81, down $1 from the previous week. Boxed beef prices were mixed on Wednesday and there is concern that beef prices will decline seasonally once wholesale demand ahead of the July fourth holiday is filled. August is 13 cents higher at $82.60 while October is 18 cents lower at $88.00.



Lean hog futures are mostly higher at midday. Short-covering has helped the market bounce after posting strong losses on Wednesday. However, gains are being limited by further weakness in pork prices. Pork cutouts were down $1.19 on Wednesday, hitting the lowest level in six years. July is unchanged at $57.30 and August is 23 cents higher at $59.05.