Corn futures are trading steady to slightly lower at midday. The market has slipped lower amid improved crop conditions ratings last week and favorable crop weather this week. USDA pegged the crop as 76% good to excellent, near the historic high for this date. The market had been supported this morning by short-covering and firm crude oil prices. July is unchanged at $3.54 and December is 1/4 of a cent lower at $3.75.
Soybean futures are higher at midsession. Strength in crude oil and gains in the stock market are supporting soybean trade. Planting progress was near trade expectations at 74%, but rain this week may slow progress. On the other hand, weather conditions are favorable for early season growth. July is 2 1/2 cents higher at $9.34 1/2 and November is 3 cents higher at $9.05 3/4.
Wheat futures are mixed at midday. Short-covering was supportive early, but gains were trimmed and some contracts have turned lower on spillover pressure from corn turning lower and on strength in the dollar. Seasonal harvest pressure and strong crop condition ratings remain bearish fundamental factors. CBOT July is 1 1/4 cents lower at $4.49 1/2, KCBT July is 1/4 of a cent lower at $4.77 3/4 while MGE July is 2 3/4 cents higher at $5.03 3/4.
Cattle futures are trading higher at midsession. A rebound in the stock market and expectations for steady cash trade this week are supporting the market. Futures are currently at a discount to cash. Boxed beef prices stabilized on Tuesday and light cash trade developed in Nebraska at steady prices with last week. June is $1.18 higher at $91.98 and August is $1.08 higher at $90.70.
Lean hog futures are mostly lower at midday. The steady to weak tone in the cash market is weighing lightly on futures. But losses are being limited by expectations for improved cash markets later in the week as hog supplies tighten and as pork cutouts were up 31 cents on Tuesday. June is 8 cents lower at $81.33 and August is 65 cents lower at $83.00.