Corn futures are trading lower at midday. The market is being pressured by profit-taking from the gains on Tuesday and drier and warmer weather this week that will aid the tail end of planting and early season crop growth. But losses are being limited by talk that China bought two cargoes of U.S. corn and weakness in the dollar. July is 4 3/4 cents lower at $3.55 and December is 4 3/4 cents lower at $3.73 3/4.
Soybean futures are lower at midsession. Losses are being attributed to the warmer and drier weather expected over the Midwest that will help planting progress and early season growth. But losses are being limited by weakness in the dollar and firm interior basis levels due to tight soybean supplies amid light farmer selling. July is 1/2 cents lower at $9.39 1/4 and November is 6 1/4 cents lower at $9.07 1/4.
Wheat futures are trading lower at midday. Weakness in the dollar is helping to limit losses, but futures are lower amid weakness in the stock market and bearish fundamentals. Winter wheat condition ratings remain strong and rainfall in the southern Plains could boost conditions there. CBOT July is 1 1/2 cents lower at $4.66 1/4, KCBT July is 1/2 cent lower at $4.87 1/2 and MGE July is 1 1/4 cents lower at $5.10.
Cattle futures are trading lower at midsession. Fund selling and technical weakness is weighing on futures. The June contract has fallen to 2 1/2 month lows and August two month lows. Weakness in the cash market and lower beef prices are fundamental bearish factors. Cash trade developed at $97-$98 earlier this week, down about $2 from last week. Boxed beef prices appear to have topped after hitting 22-month highs set last week. June is 90 cents lower at $91.85 and August is 73 cents lower at $90.80.
Lean hog futures are solidly higher at midday. Fund buying and short-covering from recent losses are supporting the market. Despite weakness in the cash market recently, futures are being supported by the discount to cash. However, front end gains are being limited by the 73 cent drop in pork cutout values on Tuesday. June is 40 cents higher at $81.70 and August is 80 cents higher at $82.50.