Corn futures are strongly lower at midsession. The sharp decline in crude oil and the stock market along with weakness in the dollar are pressuring prices. Cool and wet weather over the weekend and early this week will slow planting progress, but forecasts call for some much needed warmer and drier weather for the southern and eastern Corn Belt. In addition, rain in the Delta this past weekend was less than expected. May is 10 cents lower at $3.66 1/4 and December is 10 3/4 cents lower at $3.96 1/4.



Soybean futures are trading sharply lower at midday. Outside market pressure is weighing on soybean futures. The stock market and crude oil are sharply lower while the dollar is higher. Further losses in old-crop months are being limited by USDA reporting another soybean export sale to China and by the declining soybean production estimates in South America. May is 17 1/2 cents lower at $10.33 1/2 and November is 30 1/2 cents lower at $9.04 1/2.



Wheat futures are posting strong losses at midsession. Strength in the dollar and spillover pressure from corn and soybeans are weighing on wheat prices. Sluggish export demand and large world wheat stocks remain underlying bearish fundamental factors. USDA will release new crop condition ratings this afternoon and recent rainfall in the southern Plains may help improve ratings. CBOT May is 15 1/4 cents lower at $5.07 3/4, KCBT May is 12 1/2 cents lower at $5.56 1/2 and MGE May is 15 cents lower at $6.20 3/4.



Cattle futures are trading sharply lower at midday. Weakness in the stock market and strength in the dollar has triggered the selling in the cattle pit. However, fundamentals are generally supportive. Cash trade was up $2 last week in the southern Plains at $88 and boxed beef prices continue to rally, with Choice cutouts at their highest level since January. The Cattle on Feed report released on Friday was neutral as it was near trade expectations. June is $1.63 lower at $82.90 and August is $1.80 lower at $83.33.



Lean hog futures are lower at midsession. Outside markets are pressuring futures as the stock market is lower while the dollar is higher. The premium of futures to cash and the $1.03 drop in pork cutouts on Friday are also bearish factors. June is $1.48 lower at $72.15 and July is $1.53 lower at $73.45.