Corn futures are trading lower at midsession. Strength in the dollar, weakness in crude oil and favorable prospects for a large corn crop this year are weighing on futures. Despite recent wet weather, the trade is expecting USDA to peg planting progress at around 89% complete in the Crop Progress report this afternoon. Crop condition ratings are also expected to be strong. July is 5 3/4 cents lower at $3.57 1/4 and December is 5 cents lower at $3.75.
Soybean futures are lower at midday. Outside markets and bearish fundamentals are weighing on futures. The dollar is higher while crude oil and the stock market are trading lower. Despite recent rainfall, traders are looking for USDA to peg soybean planting progress at around 43% complete. Slowing export demand is also a bearish factor as demand shifts to South America. July is 10 3/4 cents lower at $9.42 3/4 and November is 9 cents lower at $9.17 1/4.
Wheat futures are slightly lower at midsession. Strength in the dollar and spillover weakness in corn and soybeans are pressuring prices slightly. But with the July CBOT contract at a six-week low, short-covering has helped limit losses and have helped support prices lightly at times this morning. CBOT July is 1 3/4 cents lower at $4.69 3/4, KCBT July is 1 1/4 cents lower at $4.89 3/4 and MGE July is 2 1/4 cents lower at $5.10 1/2.
Cattle futures are trading lower this morning. Expectations for lower cash trade this week is weighing on futures. Boxed beef prices turned lower on Friday and the drop in futures is expected to encourage feedlots to lower bids. There is concern that beef prices are topping now that Memorial Day weekend wholesale order are nearly complete. June is 28 cents lower at $92.98 and August is 45 cents lower at $91.55.
Lean hog futures are strongly lower at midsession. The market is being pressured by ideas of lower cash trade this week as domestic demand is expected to slow as wholesale Memorial Day weekend orders are filled. Strength in the dollar and weakness in the stock market is also pressuring prices. The market is lower despite China agreeing to accept U.S. pork after banning it for nearly a year. June is $1.20 lower at $82.35 and July is $1.63 lower at $82.20.