Corn futures are trading lower at midday. Strength in the dollar and weakness in the stock market and crude oil are weighing on the corn market. Market action is being limited as traders wait for European leaders to meet later this week to work on euro-crisis zone debt problems. Also, USDA will release a new Crop Progress and Supply/Demand report on Friday morning. March is 3 1/2 cents lower at $5.93 and May is 4 cents lower at $6.00 3/4.
Soybean futures are lower at midsession. Outside markets are weighing lightly on the market as trade activity remains limited ahead of the USDA reports due out later this week and ahead of the meeting of European leaders to work on euro-zone debt crisis issues on Thursday and Friday. Losses are being limited by some concern about hot and dry weather in South America. Crop conditions have generally been favorable in Brazil and Argentina, but there is concern that La Nina conditions could bring hot and dry weather during the growing season. January is 2 1/2 cents lower at $11.27 and March is 3 cents lower at $11.36 1/2.
Wheat futures are lower at midday. Strength in the dollar and lackluster demand for U.S. wheat are weighing on futures. Black Sea region wheat continues to undercut U.S. wheat on the global export market. Further market action is being limited ahead of the USDA Supply/Demand report due out on Friday morning. Trade expectations are for USDA to slightly increase U.S. and global ending stocks estimates. CBOT March is 8 3/4 cents lower at $6.04 1/4, KCBT March is 5 1/2 cents lower at $6.70 1/2 and MGE March is 4 3/4 cents lower at $8.27 1/4.
Cattle futures are trading steady to narrowly mixed at midsession. The futures market is choppy as traders wait for European leaders to meet later this week to deal with the euro-zone debt crisis. The cash market has not developed yet this week. Boxed beef prices were slightly higher on Tuesday, but packer processing margins remain unprofitable. December is 30 cents higher at $119.15 and February is 23 cents higher at $119.78.
Lean hog futures are lower at midday. The weak tone in the cash market is weighing lightly on the futures market. Packer processing margins have narrowed recently, although pork cutouts were up 65 cents on Tuesday. Weakness in the stock market and strength in the dollar are bearish market factors this morning. February is 13 cents lower at $88.95 and April is 25 cents lower at $91.60.