Corn futures are trading mixed at midday. Old-crop contracts have turned higher while profit-taking from recent gains are weighing on new-crop months. Some support is coming from the EPA saying today that there are no plans to change the biofuel mandate. New-crop is lower despite planting delays and more wet weather in the southern and eastern Corn Belt. Planting as of Sunday was only 9% complete, down from the five-year average of 23% and the 46% planted at this time last year. May is 3 1/2 cents higher at $7.65 3/4 while December is 4 1/4 cents lower at $6.77 1/4.
Soybean futures are lower at midsession. The market is being pressured by concerns that China will raise its interest rates to slow inflation. China has already cancelled some export shipments with global demand shifting to the newly harvested South American crop. New-crop soybeans are lower on ideas that corn planting delays could lead to additional soybean acres. May is 6 cents lower at $13.83 1/2 and November is 6 1/4 cents lower at $13.76 1/4.
Wheat futures are trading mixed at midday. Profit-taking from the strong gains yesterday are weighing on the CBOT. But the KCBT and MGE have turned higher. Drought continues to deteriorate the winter wheat crop conditions. Good to excellent rated wheat fell to 35% from 36% the previous week and very poor to poor ratings increased to 40% of the crop versus 38% the previous week. Cool and wet weather in the northern Plains continues to slow spring wheat planting progress. Only 6% of the crop is seeded compared to the five-year average of 25% and 39% at this time last year. CBOT May is 4 cents lower at $8.22, KCBT May is 3 cents higher at $9.63 3/4 and MGE May is 6 1/2 cents higher at $9.87 1/4.
Cattle futures are trading mostly lower midsession. Concern that high gas prices will slow domestic demand and the big placements number from the Cattle on Feed report last week that indicated increased fed cattle supplies by late summer are weighing on the market. Losses are being limited by strength in boxed beef prices on Monday. June is 55 cents lower at $112.25 and August is 10 cents lower at $114.35.
Lean hog futures are sharply lower at midday. Weakness in the cash market and lower pork cutout values on Monday are weighing on futures trade. Pork exports remains strong, but there is concern that high gas prices could slow domestic pork demand. Cutouts are still near historical highs, which could also slow demand. June is $2.03 lower at $96.50 and July is $2.10 lower at $97.15.
Cotton futures are sharply lower at midsession. Old-crop is being pressured by concern about more export cancellations. New-crop has been pushed lower as well despite concern about drought in Texas possible hurting cotton yields this growing season. May is 458 points lower at 183.50 cents and December is 247 points lower at 131.49.