Corn futures are trading slightly higher at midsession. The market is making a technical bounce from technically oversold levels and spot corn prices falling to eight-month lows. But gains are being limited by strong crop condition ratings and generally weather forecasts for the next week to ten days. Seasonally warm temperatures and ample rainfall should keep crop ratings strong. July is 1 3/4 cents higher at $3.37 1/2 and December is 1/4 of a cent higher at $3.55 1/4.
Soybean futures are mostly lower at on midday. Strong crop condition ratings are weighing on new-crop months. USDA pegged the crop at 75% good to excellent, which is one of the highest initial ratings on record. But losses in the old-crop July contract are being lightly supported by firm cash prices amid tight supplies. July is 1/2 cent higher at $9.35 1/2 and November is 3 3/4 cents lower at $8.96 1/4.
Wheat futures are higher at midsession. Short-covering is supporting prices as the market rebounds from contract lows and technically oversold levels. But gains are being limited by bearish fundamentals. Winter and spring wheat condition ratings remain strong and winter wheat harvest is expanding north. CBOT July is 2 3/4 cents higher at $4.35, KCBT July is 1 3/4 cents higher at $4.63 3/4 and MGE July is 2 cents higher at $4.88 3/4.
Cattle futures are trading mixed at midday. Short-covering is supporting front end contracts after falling to four-month lows in overnight trade. But deferred contracts are mostly lower due to declining beef prices and expectations for lower cash trade this week. June is 40 cents higher at $90.20 and August is 30 cents higher at $88.03.
Lean hog futures are trading mixed at midsession. Weakness in the cash market and declining pork prices remain bearish factors. Pork prices were down 58 cents on Monday, hitting the lowest level since mid-April. But losses are being limited and some contracts are higher on short-covering from technically oversold conditions. June is 38 cents lower at $77.40 while July is 13 cents higher at $78.15.