Corn futures are trading lower at midsession. The market is being pressured by the nearly ideal growing conditions in the Corn Belt. The Crop Progress report this afternoon is expected to show improved condition ratings. Losses have been trimmed by the stock market turning higher and the dollar index dipping lower. July is 2 1/2 cents lower at $3.56 1/2 and December is 2 3/4 cents lower at $3.77 1/4.
Soybean futures are lower at midday. Favorable weather for planting and early season crop growth is weighing on futures. Weather forecasts show favorable growing conditions over the next couple of weeks. Some underlying support for deferred contracts is coming from an estimate by Oil World that the global soybean crop in 2010/11 will be down 5.1%. July is 3 1/2 cents lower at $9.34 1/4 and November is 4 1/4 cents lower at $9.03 1/2.
Wheat futures are trading lower at midsession. Futures are lower but losses have been trimmed from the new contract lows posted overnight. The dollar has turned lower and the stock market has bounced. But bearish fundamentals remain a weight on futures. Export demand remains sluggish and weather conditions for harvest are expected to be favorable this week. CBOT July is 4 3/4 cents lower at $4.53, KCBT July is 1 1/2 cents lower at $4.80 and MGE July is 2 3/4 cents lower at $5.03 1/4.
Cattle futures are trading mixed this morning. Front end contracts are higher on a short-covering bounce following a rebound in outside market. After being sharply lower this morning, the stock market has turned higher and the dollar has turned lower after initial strength. But gains are being limited by weakness in boxed beef prices and expectations for steady to lower cash trade this week. June is 28 cents higher at $90.80 and August is 13 cents higher at $89.38.
Lean hog futures are lower at midsession. Losses have been trimmed from early in the session as the stock market has turned higher and the dollar has dipped lower. But the weak tone in the cash market and the $1.10 drop in pork cutout values on Friday are weighing on futures, especially the nearby. June is 75 cents lower at $81.10 and August is 5 cents lower at $82.75.