Corn futures are trading lower at midday and have slipped to new contract lows. Planting progress reported Monday afternoon was better than expected at 52% and forecasts calls for warmer and mostly dry weather in the Corn Belt this week. July is 1/2 of a cent lower at $2.08 1/2.

Soybean futures are mixed at midday. Planting progress at 8% as of Sunday was below the 5-year average, but ideas that good progress will be made this week have pushed most contracts lower. Losses as of midday are being limited by ideas the market is oversold. July is 3/4 of a cent lower at $6.26 1/2.

Wheat futures are trading higher at midsession. Spillover weakness from corn and warmer weather in the winter wheat belts initially weighed on futures. But some buying interest was generated from crop condition ratings falling 5% in the good to excellent categories last week. CBOT Jul is 3/4 of a cent higher at $3.24, KCBT Jul is 2 1/4 cents higher at $3.28 1/4 and MGE Jul is 1 cent higher at $3.41 1/2.

Cattle futures are higher at midday. The discount of futures to cash and firm boxed beef prices on Monday are supportive. Cash trade is not expected until later in the week, but there is concern that increasing supplies will weigh on fed cattle cash trade. June is 35 cents higher at $85.30.

Lean hog futures are trading lower this morning. The market is weak despite firm cash markets. Weakness is being attributed to liquidation of the June contract and profit-taking from recent gains. June is 73 cents lower at $76.70 and July is 105 points lower at $77.85.