Corn futures are slightly lower at midday. Favorable crop weather and ideas of further improvement in crop condition ratings this week are weighing on futures. However, losses are being limited by talk of additional export demand from China and spillover support from soybeans. July is 3/4 of a cent lower at $3.47 3/4 and December is 3/4 lower at $3.69.
Soybean futures are higher at midsession. Firm soybean cash markets and support for soybean oil due to the rally in crude oil are bullish factors. Rain in the Midwest is delaying the last leg of soybean planting. But further gains are being limited by the favorable growing conditions for the crop that has already emerged. July is 10 3/4 cents higher at $9.43 1/4 and November is 5 cents higher at $9.08 1/2.
Wheat futures are trading narrowly mixed at midday. The market is choppy with light short-covering supporting prices at times after futures fell to new lows on Wednesday. But seasonal harvest pressure as winter wheat harvest expands in the southern Plains, sluggish export demand and large world wheat stocks remain underlying bearish factors. CBOT July is 1/4 cent higher at $4.42 3/4, KCBT July is 3/4 cents lower at $4.73 and MGE July is 1 1/4 cents higher at $4.98 1/2.
Cattle futures are trading mixed at midsession. The nearby June contract is being supported by steady to firm cash cattle trade so far this week and the recent rebound in the stock market. Some cash trade has developed at $94, but most feedlots are holding out for $95. But deferreds are mostly lower due to the weak tone in boxed beef prices. Choice cutouts were down 41 cents on Wednesday, hitting the lowest level since April 5. June is 45 cents higher at $92.50 while October is 25 cents lower at $91.88.
Lean hog futures are higher at midday. Strength in the cash market on Wednesday is supporting futures. Packer margins are favorable and market ready hog supplies are expected to tighten seasonally. Strength in the stock market is a supportive factor. However, gains are being limited by the $1.31 drop in pork cutout values. June is 8 cents higher at $81.40 and August is 33 cents higher at $83.35.