Corn futures are trading lower at midday. Strong gains in the dollar and weakness in crude oil are weighing on corn futures. In addition, the strong pace of planting is leading to ideas for increased corn acreage and a large corn crop. However, further losses are being limited by forecast for some cold weather in this weekend which could potentially damage some of the emerged corn crop in the upper Midwest. July is 3/4 of a cent lower at $3.68 1/4 and December is 2 cents lower at $3.85.
Soybean futures are lower at midsession. The rally in the dollar, weakness in crude oil and decline in the stock market are weighing on soybean trade. A firmer dollar is bearish for soybean exports as it will make U.S. supplies less competitive with the large new-crop soybean supplies in South America. July is 2 1/2 cents lower at $9.84 1/2 and November is 2 3/4 cents lower at $9.67 1/4.
Wheat futures are steady to mixed at midday. Strength in the dollar is weighing on futures as it will make U.S. wheat even less competitive on the global export market. However, losses are being and some contracts are higher on short-covering. Also, the first day of the Wheat Quality Council tour showed a lower yield estimate than last year despite the high crop condition ratings. CBOT July is unchanged at $5.10 3/4, KCBT July is 1/4 cent lower at $5.22 1/4 and MGE July is 3/4 cent higher at $5.43 1/4.
Cattle futures are trading mixed at midsession. Firm cash trade and strength in choice cutouts on Tuesday are supporting front end contracts. But deferreds have been pressured by profit-taking and fund selling due to strength in the dollar, which could slow exports, and the falling stock market. June is 98 cents higher at $97.00 and August is 3 cents higher at $95.18.
Lean hog futures are lower at midday. The market is being pressured by strength in the dollar, which is a negative factor for pork exports, and the falling stock market. Fundamentals remain mostly supportive as market ready hog supplies are tight and packer margins are favorable. June is 55 cents lower at $86.20 and July is 65 cents lower at $86.50.