Corn futures are trading higher at midday. Old-crop is slightly higher on spillover strength from new-crop. But the new-crop months are leading the market higher on planting delay concerns. USDA estimated the crop was 7% planted compared to the five-year average of 8%. But planting usually jumps the next couple of weeks, but weather forecast for the Midwest look very wet for the next week to ten days. May is 1/2 of a cent higher at $7.52 1/4 and December is 7 1/2 cents higher at $6.75 3/4.
Soybean futures are slightly lower at midsession. The market is being pressure by reports that China has cancelled six to eight cargoes of soybeans this month for June and July delivery and about 20 cargoes have been deferred from July to September shipment. Losses are being limited by strength in new-crop corn and gains in the wheat market. May is 1 3/4 cents lower at $13.42 1/2 and November is 1/4 of a cent lower at $13.49.
Wheat futures are solidly higher at midday. Continued dry weather in the southern Plains and a further decline in crop condition ratings are supporting prices. Good to excellent ratings were 36%, well below the 69% rating at this time last year. Very poor to poor ratings increased to 38% of the crop. Weather forecasts only call for chances of light rain. On the other hand, spring wheat is being supported by wet conditions and planting delays in the northern Plains. The crop is 5% seeded compared to the five-year average of 12%. CBOT May is 14 cents higher at $7.89, KCBT May is 20 cents higher at $9.16 and MGE May is 22 1/2 cents higher at $9.36 1/2.
Cattle futures are trading higher at midsession. The rebound in the futures market on Monday and higher choice beef prices are supporting trade. Cash cattle were lower last week, but current expectations are for near steady trade this week. The stock market has stabilized today following the strong losses posted yesterday. April is 8 cents higher at $118.25 and June is 55 cents higher at $116.35.
Lean hog futures are mixed at midday. Pork prices were down slightly on Monday, but are still near the all-time high price set last August. Cash markets have traded steady to lower this morning. Packer margins remain tight and they have so far been able to fill slaughter needs at lower prices. June is 3 cents higher at $101.30 while July is 13 cents lower at $101.00.
Cotton futures are strongly lower at midsession. Fund selling is weighing heavily on old-crop and new-crop futures are being pulled lower as well. Last week, USDA reported cancelations in the weekly export sales report. May is 593 points lower at 190.52 cents and December is 334 points lower at 127.29 cents.