Corn futures are trading 1/4 to 1 cent lower at midday. Corn futures are trading lower as the euro zone debt crisis continues to weigh down market prices. Prices further declined as forecasts for rains over the U.S. Midwest this weekend will limit crop stress due to inadequate soil moisture levels. However, sufficient rain fall going into June will be needed to ensure the proper growth of the crop.
Soybean futures are trading 20 to 26 cents lower at midday. Soybeans futures are tumbling as much needed rain moves across the U.S. Midwest and Southeast. Market prices declined as traders looked to liquidate their long positions in the market amid investor concerns pertaining to the growing economic crisis in the EU. Demand for U.S. soybeans is firm and should lend support to futures prices.
Wheat futures are trading 5 to 9 cents lower at midday. Rains in Russia and Australia dragged prices down followed by ongoing pressure from outside markets. The economic crisis in the European Union is weighing on all commodity markets as investors are becoming more concern about its possible affect on the global economy. Wheat harvest is underway in Kansas, with reports of good yields in parts of the state.
Cattle futures are trading 60 to 70 cents higher at midday. Cattle prices are up despite resistance from outside markets. The surge in boxed beef prices led the way to market recovery. The discount to cash cattle prices lended support to prices as well. Beef packer margins are positive and trade in the cash market is expected to be steady due to firm post Memorial Day demand.
Lean hog futures are trading 70 cents to $2.30 higher at midday. Hog futures are surging on improved market conditions. Higher cash prices and technical buying in the market are lifting prices. The pork cutout value was up by almost $2 on Wednesday adding additional strength to futures prices.