Corn futures are trading slightly lower at midday. Weakness in crude oil and the stock market are weighing lightly on futures, although losses are being limited by spillover strength in soybeans and weakness in the dollar. Crop condition ratings held at 70% good to excellent last week, near average for this time of year. Warmer and drier weather this week should benefit the crop in most of the Corn Belt. July is 1/4 of a cent lower at $3.85 and December is 1/4 of a cent lower at $4.05 1/4.

Soybean futures are higher at midsession. Tight soybean supplies and weakness in the dollar have helped lead to a short-covering bounce following recent losses. Further gains are being limited by generally favorable crop weather in the Midwest this week. USDA pegged crop condition ratings at 67% good to excellent, up 1% from the previous week. July is 14 1/2 cents higher at $11.66 and November is 15 1/2 cents higher at $9.96 1/2.

Wheat futures are mixed at midday. Favorable harvest weather and sluggish export demand are bearish factors. Warm and dry weather in the Plains is helping to expand harvest pressure, which has been running below normal. USDA pegged harvest at 20% complete compared to the 5-year average of 31%. However, weakness in the dollar and strength in soybeans are supporting some contracts. CBOT July is 1/4 of a cent lower at $5.45 3/4, KCBT July is 1 cent higher at $6.05 and MGE July is 1 1/4 cents higher at $6.94 3/4.

Cattle futures are trading slightly higher at midsession. Technical buying and weakness in the dollar are providing light support. Ideas of steady to firm cash trade this week are also supportive. Choice beef prices were higher on Monday and there is optimism of further strength as wholesalers gear up for the July fourth weekend. June is 8 cents higher at $81.55 and August is 25 cents higher at $83.10.

Lean hog futures are slightly lower in most contracts at midday. Cash markets are expected to be steady to firm today, which is supporting the July contract. But gains are being limited by the 35 cent drop in pork cutouts and poor packer margins. The Cold Storage report showed total pork stocks below trade expectations, although they are up about 1% from year-ago. July is 5 cents higher at $60.50 while August is 10 cents lower at $60.75.