Corn futures are strongly lower at midday. Strength in the dollar, weakness in crude oil and the record pace of corn planting are pressuring prices. Corn planting was reported at 68%, up from 50% a week ago and well above the ten-year average at 45%. The previous record was 63% in 2004. July is 6 cents lower at $3.65 1/2 and December is 6 cents lower at $3.83 1/2.
Soybean futures are trading lower at midsession. Outside market pressure and strong planting progress are weighing on futures. The dollar is sharply higher while crude oil and the stock markets trade lower. USDA reported soybean planting progress at 15%, up from the five-year average of 8%. July is 5 3/4 cents lower at $9.80 3/4 and November is 7 1/2 cents lower at $9.59.
Wheat futures are mixed at midday. Strength in the dollar, which could further slow export demand, and spillover pressure from corn is weighing on the CBOT. In addition, USDA pegged winter wheat condition ratings at 68% good to excellent, up from the ten-year average of 49%. Spring wheat planting at 60% is well ahead of the five-year average of 47%. But the KCBT and MGE are higher on forecasts for cold weather late in the week. CBOT July is 2 cents lower at $4.99 3/4, KCBT July is 3 1/2 cents higher at $5.16 1/2 and MGE July is 1 1/2 cents higher at $5.37.
Cattle futures are trading lower at midsession. Profit-taking is being driven by pressure from outside markets. The stock market is strongly lower this morning while the dollar is strongly higher. However, cash fundamentals remain supportive. Beef prices were firm on Monday and cash trade this week is expected to firm this week. Showlists are smaller this week and packer margins are favorable. June is 38 cents lower at $95.15 and August is 58 cents lower at $94.38.
Lean hog futures are lower at midday. The market is lower on profit-taking and outside market pressure. A sharply higher dollar is a bearish factor for pork exports. However, cash fundamentals remain supportive. Pork cutouts were higher on Monday and cash prices have started the week on a strong note. June is 40 cents lower at $86.53 and July is 38 cents lower at $87.00.