Corn futures are trading lower at midsession. Strength in the dollar and long liquidation ahead of a jobs speech by President Obama tonight are weighing on the market. Some consolidation trade is also coming from positioning ahead of the Crop Production and Supply/Demand reports due out next Monday. December is 8 1/2 cents lower at $7.39 1/2 and March is 8 3/4 cents lower at $7.52.
Soybean futures are lower at midday. The market is being pressured by long liquidation and profit-taking ahead of a jobs speech from President Obama tonight. Positioning ahead of the USDA September Crop Report next Tuesday is also pressuring trade. However, further losses are being limited by declining crop condition ratings and yield prospects in parts of the Midwest. November is 5 1/4 cents lower at $14.15 1/2 and January is 5 1/2 cents lower at $14.26.
Wheat futures are trading lower at midsession. Strength in the dollar and positioning ahead of the USDA reports due out next Monday are pressuring futures trade. Sluggish export demand and the bearish global supply/demand outlook are also pressuring prices. Increased competition for exports is coming from the Black Sea region. Egypt bought wheat from Russia and Kazakhstan this week, but none from the U.S. CBOT December is 12 1/2 cents lower at $7.39, KCBT December is 10 3/4 cents lower at $8.48 1/4 and MGE December is 11 3/4 cents lower at $9.14 3/4.
Cattle futures are trading higher at midday. Ideas of firm cash trade this week and stabilized beef prices are supporting the market. Packers are short-bought and are expected to be forced to raise bids. But gains in the futures market are being limited by the premium build into futures compared to last week’s cash market and on uncertainty about post Labor Day beef demand. October is 75 cents higher at $118.40 and December is 30 cents higher at $119.00.
Lean hog futures are higher at midsession. Strength in pork cutout values and the cash market are supporting the market. Pork cutouts were up $1.13 yesterday and cash markets are trading steady to $1 higher this morning. A big Saturday slaughter is planned to help make up for the plant closures on Monday due to the Labor Day holiday. October is 90 cents higher at $85.75 and December is 53 cents higher at $82.93.