Corn futures are trading higher at midday. Spillover support from soybeans and the previously slow pace of planting are supportive factors. USDA estimated planting at 62% complete compared with the 5-year average of 85%. However, gains are being limited by drier weather in the Midwest this week that should help boost planting progress in the eastern half of the Corn Belt, where planting delays are the most significant. July is 4 3/4 cents higher at $4.26 1/4 and December is 4 1/2 cents higher at $4.46 1/2.



Soybean futures are higher at midsession, led by old-crop contracts. The July contract has rallied to a 7-month high amid continued demand from China and tight old-crop stock projections. A private firm has projected old-crop ending stocks will fall to only 77 million bushels, down from USDA's 130 million bushel estimate. Planting progress was 25% last week. While that is down from the 5-year average of 44%, it was right on trade expectations. Progress should improve this week with drier weather. July is 19 cents higher at $11.65 1/2 and November is 10 cents higher at $9.97.



Wheat futures have turned mostly lower at midday. Profit-taking on the recent rally, drier weather in the northern Plains for spring wheat planting progress and improved winter wheat condition ratings are bearish factors. Spring wheat planting last week was only 50% complete compared to the 5-year average of 90%. Winter wheat condition rating improved to 48% good to excellent, up 2% from the previous week. CBOT July is 1 1/2 cents lower at $5.89, KCBT July is 1/2 of a cent lower at $6.43 1/2 and MGE July is 3 3/4 cents lower at $7.15 1/4.



Cattle futures are trading higher at midsession. The market is being supported by strength in boxed beef prices and firm cash market trade last week. Choice beef prices are at a two week high. Cash cattle traded at $85 last week and are expected to hold steady this week despite reduced slaughter plans for next week due to Memorial Day plant closures. June is 10 cents higher at $82.63 and August is 15 cents higher at $83.28.



Lean hog futures are lower at midday. Weakness in the cash market and lower pork cutout values are weighing on the market. Rumors that Russia was buying U.S. pork sparked a short-covering rally yesterday, but are providing little support today. Packers are slowing slaughter and pork cutouts are declining as most Memorial Day orders have been filled. June is 23 cents lower at $66.55 and August is 48 cents lower at $69.00.