Corn futures are 4 to 11 cents lower in most contracts at midday.
- Corn futures are lower on technical-related selling. The December contract slumped after it failed to penetrate resistance at March high of $5.73 3/4. The contract has traded under Friday's low, flirting with a bearish reversal pattern.
- Traders expect this afternoon's crop progress report to show 92% of the corn crop is in the ground, matching the level not seen since 2002. USDA reported 86% of the crop was planted last week.
- Traders also look USDA to list 63% of the crop is in good to excellent condition in its first condition ratings of the season.
- Traders are brushing aside concerns about delayed planting, replanting and acreage-switching even though the forecast calls for more heavy rains in the Upper Midwest Tuesday through Thursday.
- Weekly corn export inspections tallied 11.66 million bu., down 767,000 bu. from last week's tally and within expectations.
- News Gulf basis is 1 to 2 cents lower for June delivery is adding to the selling pressure in the old-crop contracts..
Soybean futures are mostly 14 to 18 cents higher, with the July contract 22 cents higher at midday.
- Technical-related buying has new-crop soybean futures surging. The turn of the calendar and the move by November futures above the 200-day moving average last Friday has attracted strong buying interest from funds. Traders are looking the next possible layer of resistance laying at $13.50 3/4, the February high.
- USDA will updated planting totals this afternoon as traders look for only 57% of the soybean crop to be planted as of June 1, the slowest start since 1996. The five-year average is 75%. USDA reported 44% of the crop planted in last Monday's update.
- Traders are shrugging off soybeans' longer planting window and are focusing on the impact the lingering delay will have in bringing soybeans to the market the end of the current marketing year, which is keeping focus on tight old-crop supplies.
- USDA says 4.44 million bu. of soybeans were inspected for export, up nearly 1 million bu. from last week's tally and within expectations.
- The rise in China's official purchasing managers' index (PMI) in May is seen as favorable for the country's soy demand, though the country's final HSBC PMI fell to its lowest level since October 2012.
- Gulf basis levels are listed as unchanged.
Chicago and Kansas City wheat futures have trimmed early losses with Chicago mostly 3 to 4 cent higher and Kansas City narrowly mixed. Minneapolis wheat is 5 to 8 cents in the first three contract months, while further deferred contracts are weaker.
- Wheat futures have gotten a lift from the surge in soybean futures but spillover pressure from the corn market is limiting gains.
- Traders greeted as positive the news initial tests by South Korea's Ministry of Food and Drugs found no evidence of GMO content in U.S. wheat shipments.
- USDA reports wheat export inspections of 16.8 million bu., down 4.425 million bu. from last week's tally and just below traders' expectations.
- Minneapolis futures are getting a lift from the continuing delays in planting and the likelihood those delays will continue to the wet, cool forecast.
- The Southern Plains HRW should see some benefit from the isolated showers in the forecast.
- Gulf basis levels are reported as unchanged in late morning.
Live cattle futures are moderately lower while feeder cattle futures mixed.
- Traders are reacting to worries of weakening consumer demand due to the continuation of cool weather, which could hamper grilling demand.
- Failure to probe higher and test last week's highs is also prompting some technical selling.
- The market is waiting on cash cattle clues to develop in the Southern Plains, but futures are widening their discount to last week's cash cattle trade.
- Choice boxed beef firmed 45 cents this morning to $207.10 market while Select is up 55 cents, but movement is a light 97 loads.
- Feeder cattle futures are mixed as they are getting some lift from the selloff in corn futures. Spillover pressure from live cattle is weighing on feeders.
Lean hog futures are slightly to moderately lower.
- Traders worry the continued cool grilling weather will impact demand but supplies are tightening seasonally and the pork cutout rose this morning.
- The pork cutout value gained 10 cents this morning and movement is a moderate 167.7 loads.
- Cash hog bids are mostly steady as packer margins remain tight.
- The selloff in corn futures is providing support.