Corn futures are trading lower at midsession. Weather conditions are expected to be mostly favorable this week. Many areas in the Corn Belt are too wet and drier conditions and moderate temperatures are expected this week. Strength in the dollar and weakness in crude oil are also bearish factors. July is 4 1/2 cents lower at $3.36 and December is 5 cents lower at $3.55 1/2.
Soybean futures are lower at midday. Weakness in corn and wheat and forecasts for improved weather in the Midwest are weighing on soybean futures. Too much rain in some areas of the Midwest has caused flooding and ponding and has prevented some soybeans from being planted. But drier weather this week should benefit the crop. July is 1/4 of a cent lower at $9.56 3/4 and November is 1 cent lower at $9.11.
Wheat futures are strongly lower at midsession. Improved harvest weather in the Plains is increasing seasonal pressure on the market. Spillover pressure from corn and strength in the dollar are also bearish factors. The CME Group will raise the storage rates on deliverable wheat futures at the CBOT on July 18 from 3 cents to about 8 cents, which should help convergence between cash wheat prices and futures at expiration. CBOT July is 9 1/2 cents lower at $4.46 3/4, KCBT July is 8 cents lower at $4.75 3/4 and MGE July is 11 3/4 cents lower at $5.00 1/2.
Cattle futures are trading mixed at midday as the market is looking for direction. Boxed beef prices stabilized last week and packer margins are decent. Cash trade is not expected to develop until later in the week, but should be near steady. August is unchanged at $89.38 and October is 5 cents lower at $91.03.
Lean hog futures are trading lower this morning. The Quarterly Hogs and Pigs report last week showed total hogs down 4% from year-ago and the breeding herd down 3%. The market is not being supported by the report as it was near trade expectations. Weakness in pork cutouts on Friday and some steady to lower cash bids this morning are bearish factors. July is 58 cents lower at $80.15 and August is 83 cents lower at $83.10.