Corn futures are trading strongly lower at midsession. The December contract has fallen to the lowest level in three weeks on technical selling and some talk that early harvest results are better than expected. USDA raised its crop condition rating to 53% good to excellent, up 1 point from the previous week. December is 20 cents lower at $7.25 1/2 and March is 19 1/4 cents lower at $7.39 1/4.
Soybean futures are lower at midday. Follow-through selling from the bearish USDA reports on Monday is weighing on the market. USDA raised its production and ending stocks projections while traders were looking for a decline. Technical weakness and spillover pressure from corn are also weighing on soybean futures. Weakness in the dollar and strength in crude oil are helping to limit further losses. November is 11 cents lower at $13.85 and January is 10 cents lower at $13.96 1/4.
Wheat futures are solidly lower at midsession. Spillover pressure from corn and the bearish global supply/demand outlook is weighing on futures. Advancing harvest in Russia and Kazakhstan is adding to global wheat supplies. Demand for U.S. wheat is sluggish and export competition is expected to increase. In addition, forecasts for much needed rainfall in the southern Plains are bearish as improved soil moisture is needed for HRW wheat seeding. CBOT December is 21 cents lower at $7.06 1/4, KCBT December is 19 1/2 cents lower at $8.06 1/2 and MGE December is 16 1/4 cents lower at $8.85 1/4.
Cattle futures are trading mixed at midsession. Strength in boxed beef prices on Monday and ideas of firm cash trade this week is supporting front end contracts. But most deferred contracts are lower on profit-taking from recent gains and concern that high priced beef will limit demand due to the sluggish U.S. and global economies. October is 50 cents higher at $119.90 and December is 58 cents higher at $119.30.
Lean hog futures are mixed at midday. Front end contracts are being supported by the steady to firm tone in the cash market. Short-bought packers and favorable packer margins are expected to help cash trade this week. However, gains will be limited and some deferred contracts are lower on concern about seasonally increasing numbers of market ready hogs. October is 50 cents higher at $87.18 and December is 28 cents higher at $83.00.