Corn futures are trading lower at midsession. The market is being pressured by forecasts for drier weather in the Corn Belt this week that should help planting progress. Traders are looking for USDA to peg planting progress at 60%-65% compared to the 5-year average of 85% in this afternoon's Crop Progress report. Losses are being limited by strength in crude oil and the stock market. July is 2 cents lower at $4.15 1/4 and December is 1 3/4 cents lower at $4.36 3/4.



Soybean futures are higher at midday. After opening lower on favorable weather forecasts for planting progress, prices turned higher on news that China bought more soybeans from the U.S. The market was also supported by strength in crude oil and the stock market. Planting progress is expected to be reported at around 25% complete in the Crop Progress report this afternoon. July is 8 1/2 cents higher at $11.39 and November is 5 1/4 cents higher at $9.81.



Wheat futures are trading higher at midday. Strength in the stock market and crude oil and weakness in the dollar are supportive factors. The market is expecting USDA to report slow spring wheat planting progress this afternoon, but forecasts for drier weather in the northern Plains are helping to limit gains. Weekly export inspections of wheat were improved this week. CBOT July is 5 1/2 cents higher at $5.83, KCBT July is 6 3/4 cents higher at $6.37 1/4 and MGE July is 1 1/4 cents higher at $7.06 1/2.



Cattle futures are mostly higher at midsession. Strength in the stock market and firm cash markets last week are supporting futures trade. Boxed beef prices were higher on Friday, with choice cutouts up almost $1. Gains are being limited by concern that beef demand will ease once Memorial Day orders are filled. June is 35 cents higher at $82.73 and August is 58 cents higher at $83.10.



Lean hog futures are lower at midday. The market is being pressured by weakness in cash markets this morning and ideas that poor packer margins will keep cash bids on the defensive this week. Packers aggressively raised bids last week as they were filling orders for Memorial Day, but that demand is expected to dry up. June is 23 cents lower at $66.30 and August is 45 cents lower at $68.30.