Corn futures are trading lower at midday. Strength in the dollar and weakness in crude oil is weighing on futures. In addition, Brazil’s government raised their corn production forecast to 54.1 million tonnes from 51.4 million previously. Rain in the Midwest is slowing spring fieldwork, but forecasts for the next couple of weeks look fairly dry for the eastern Corn Belt. May is 1 1/4 cents lower at $3.45 1/4 and July is 1 1/4 cents lower at $3.56 3/4.
Soybean futures are slightly lower at midsession. The market has been choppy with some support coming from slow farmer selling and Brazil’s government lowering their soybean crop estimate slightly from 67.6 million tonnes to 67.4 million. However, futures have turned lower on pressure from strength in the dollar and weakness in crude oil. May is 3/4 cent lower at $9.43 3/4 and July is 1 cent lower at $9.52 1/2.
Wheat futures are trading lower at midday. The market is giving back some of the gains from Tuesday. Strength in the dollar and the abundant stocks of U.S. and global wheat stocks are weighing on futures trade. The strong condition ratings of U.S. winter wheat are also a bearish influence. CBOT May is 5 3/4 cents lower at $4.57 3/4, KCBT May is 5 1/4 cents lower at $4.76 1/4 and MGE May is 4 1/4 cents lower at $4.93 1/4.
Cattle futures are sharply trading higher at midsession. April is at the highest level for a lead contract in 18 months and nearly all contracts have hit new highs. Strength in the cash market late on Tuesday and gains in boxed beef prices are supporting the futures market. Cash trade was up $2-$4 in the southern Plains at $98-$100. Trade in Nebraska was up $4-$6 on a dressed basis. April is $1.95 higher at $99.20 and June is 88 cents higher at $94.45.
Lean hog futures are higher at midday. Futures are being supported by strength in the cash market and the rally in pork cutout values to 2 1/2 month highs on Tuesday. Cash prices were $3-$4 higher yesterday. Fund buying has developed to extend the gains. April is 83 cents higher at $77.45 and June is 55 cents higher at $84.85.