Corn and soy markets pressured by strong dollar
Corn futures are trading lower midmorning. Corn futures are tumbling going into midday trade on spillover weakness in the soy complex and firm gains in the dollar index. Weekly export sales were once again disappointing this week. Current export sales totaled 167,900 tonnes, higher than the previous week’s sales but still on the low end of trade expectations. December corn futures are trading 7 ½ cents lower.
Soybean futures are trading lower midmorning. Soybean futures prices are declining as favorable jobs data boosts the U.S. dollar index. The jobs data pushed the dollar index over .60% higher. Downside momentum should be limited by firm export sales. Weekly export sales totaled 741,200 tonnes, which was slightly higher than expectations. November soybean futures are trading 20 ¼ cents lower.
Wheat futures are trading lower midmorning. Despite solid losses in the corn and soybean markets and gains in the dollar index, wheat futures are posting marginal gains going into midday trade. Prices are currently being supported by technical buying. Dry conditions and poor condition ratings for the forthcoming winter wheat crop are also supporting prices. December wheat futures are CBOT are trading 4 ¼ cents higher; KCBT is trading 5 ¾ cents higher; and MGE is trading 6 cents higher.
Live cattle futures are trading lower midmorning. Live cattle futures are being pressured eroding boxed beef prices, cash market weakness, poor export demand numbers. USDA reported beef exports down 12 percent from the previous week at 14,600 tonnes. Cash prices are reported as steady to lower and with packer margins being so unfavorable bids are not likely to improve. December cattle futures are trading unchanged at $125.33.
Lean hog futures are trading higher midmorning. Nearby contracts are being supported by futures discount to cash. Pork cuts outs are reported as mixed in light demand. Lower cash prices coupled with poor fundamentals coupled will likely limit gains. December hog futures are trading 18 cents higher.
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