Corn futures are trading lower at midday. Traders are taking profits from the sharp gains on Monday. USDA issued the first condition ratings of the season on Monday afternoon and they were above average at 70% good to excellent despite the late planting. Planting progress was pegged at 93% compared to the 5-year average of 97%. July is 2 1/2 cents lower at $4.43 1/4 and December is 2 1/2 cents lower at $4.66 3/4.



Soybean futures are lower at midsession. After hitting a new eight month high in the spot month on Monday, profit-taking is weighing on prices today. New-crop is dealing with mixed factors. Late planting will hurt yield potential, but some corn acreage is also likely to be switched to soybeans in the eastern Corn Belt. USDA pegged soybean planting progress at 66% complete versus the 5-year average of 79%. July is 13 3/4 cents lower at $12.04 3/4 and November is 9 cents lower at $10.77.



Wheat futures are lower at midday. Profit-taking is weighing on the market after hitting eight month highs yesterday. On Monday afternoon, USDA pegged winter wheat conditions at 45% good to excellent. That is steady with the previous week although 1% moved from good to excellent. Losses at the MGE are being limited by concern about spring wheat planting, which at 89% is still well below the 5-year average of 98%. CBOT July is 8 3/4 cents lower at $6.65 3/4, KCBT July is 11 3/4 cents lower at $7.14 1/4 and MGE July is 7 cents lower at $7.88.



Cattle futures are trading lower at midsession. Spillover pressure from the lean hog pit and bearish cash fundamentals are pressuring futures. Boxed beef prices were lower on Monday with Choice cutouts down 91 cents and Select cuts $1.11 lower. Cash trade is expected to be steady to lower again this week as packers continue to struggle to move beef. June is 65 cents lower at $79.88 and August is $1.05 lower at $80.60.



Lean hog futures are sharply lower at midday, with front end contracts down the $3 limit. Technical and fundamental factors are both weighing on futures with sell stops extending losses. Declining pork prices and weakness in the cash market are bearish factors. Pork cutout values were down $1.34 on Monday. June, July and August are all down the $3 limit with June at $59.75.