Corn futures are lower at midday. The market is being pressured by strength in the dollar and ideas that strong corn planting progress will be reported in this afternoon’s Crop Progress report. Losses are being limited rain in the Corn Belt that will temporarily slow planting and the lack of additional reported corn sales to China. July is 4 cents lower at $3.71 1/4 and December is 3 cents lower at $3.89 1/4.
Soybean futures are trading lower at midsession. Strength in the dollar and expectations that soybean planting progress to be reported this afternoon will be ahead of normal are pressuring prices. Favorable harvest weather for the record South American crop is also weighing on prices. July is 11 1/4 cents lower at $9.87 3/4 and November is 9 1/4 cents lower at $9.66 1/2.
Wheat futures are lower at midday. Strength in the dollar, spillover selling from corn and soybeans and bearish supply/demand fundamentals are weighing on prices. Further losses are being limited by weekly export inspections of 17.6 million bushels, which were above trade expectations. CBOT July is 9 3/4 cents lower at $4.93 1/4 at the CBOT, KCBT July is 8 cents lower at $5.06 3/4 and MGE July is 7 1/4 cents lower at $5.30 1/4.
Cattle futures are trading mixed at midsession. Front end futures are being supported by strength in beef prices and the discount of futures to cash. Strength in the stock market and recently strong export shipments are indicating strong beef demand. Choice boxed beef prices are holding near a 21-month high. June is 13 cents higher at $94.35 and August is 18 cents higher at $93.70.
Lean hog futures are mixed at midday. Front end futures are finding light support from tight market-ready hog supplies and favorable packer margins. Cash hog markets are steady to higher this morning. But deferreds are lower on strength in the dollar that is a bearish factor for pork exports. June is 18 cents higher at $86.50 and July is 23 cents higher at $86.45.