Corn futures are trading lower at midsession. Favorable growing weather and expectations for strong yields are weighing on the market. Forecasts show no significant crop stress in the Corn Belt over the next couple of weeks. USDA pegged the crop at 71% good to excellent last week. However, there remains some concern about the crop being late as only 31% of the crop is silking versus the five-year average of 54%. September is 7 cents lower at $3.16 1/4 and December is 6 1/2 cents lower at $3.27 1/4.



Soybean futures are lower at midday. The improved crop condition ratings and favorable weather are pressuring prices. USDA pegged the crop at 67% good to excellent, up 1% from the previous week. Forecasts call for cooler than normal temperatures with chances of rain in the Midwest over the next couple of weeks. However, there is some concern about the late crop as only 44% of the crop is blooming versus the five-year average of 62%. August is 18 cents lower at $10.15 and November is 11 cents lower at $9.19.



Wheat futures are trading lower at midday. Spillover weakness from corn and soybeans and only light export demand are weighing on wheat futures. An improving spring wheat crop and recently good harvest conditions are also bearish factors. Spring wheat condition ratings improved to 73% good to excellent, up 2% from the previous week. Winter wheat harvest jumped to 72% complete, down only 5% from the 5-year average. CBOT Sep is 6 1/4 cents lower at $5.36, KCBT Sep is 4 cents lower at $5.67 and MGE Sep is 7 1/2 cents lower at $6.05 3/4.



Cattle futures are trading lower at midsession. Technically overbought conditions and the steep losses in lean hog futures are pressuring the market. But losses are being limited by the sharp jump in boxed beef prices on Monday and ideas of firm cash trade again this week. USDA will release a new Cattle on Feed report Friday and July 1 on feed numbers are expected to be a 10-year low. August ended 45 cents lower at $86.35 and October is 55 cents lower at $91.33.



Lean hog futures are sharply lower at midday. The market is pulling back from recent gains due to the premium of futures to cash and the easing of pork cutout prices. Pork cutouts had rallied to near nine-month highs earlier this week, but there is concern that pork prices will slip from current levels. August is $1.80 lower at $62.85 and October is $2.33 lower at $58.15.