Crop and livestock markets lower at midsession
Corn futures are trading strongly lower at midday. Fund long liquidation continues to weigh on futures amid concern about the global economy. July futures have broken below some technical support, which has added to the selling pressure. Weather forecasts for the next couple of weeks do not show any high pressure ridge becoming entrenched over the Corn Belt. July is 18 cents lower at $6.52 and December is 11 cents lower at $6.21.
Soybean futures are lower at midsession. Spillover weakness from corn and fund selling are weighing on soybean futures. However, losses are being limited by reports of export sales of old-crop soybeans to China. Weather forecasts remain non-threatening for the crop. USDA will update crop condition ratings this afternoon and ratings are expected to be near week-ago levels. July is 9 1/4 cents lower at $13.11 and November is 12 cents lower at $12.96 1/4.
Wheat futures are sharply lower at midday. Continued fund long liquidation, seasonal harvest pressure and concern about the global economy are weighing on the market. Report last week that Russia had sold some wheat at a discounted rate was bearish as it undercut U.S. Prices. Winter wheat harvest is running at a strong pace and some HRW yields are better than expected. CBOT July is 19 3/4 cents lower at $6.16, KCBT July is 15 3/4 cents lower at $7.32 3/4 and MGE July is 21 1/2 cents lower at $8.04 1/2.
Cattle futures are trading strongly lower at midsession. Profit-taking and a broad based commodity sell-off are pressuring prices after reach the highest level in nearly two months on Friday. Wholesale beef sales are expected to slow this week as purchases for the July Fourth weekend are already complete. Cash trade was $3-$4 higher last week at mostly $112, but tightened packer margins could limit cash bids this week. June is $1.00 lower at $112.05 and August is $1.65 lower at $111.85.
Lean hog futures are lower at midday. Lower cash hog prices and a slightly bearish Hogs and Pigs report are weighing on futures trade. The report showed a slight year over year increase in both market hog and breeding hog inventories. Cash hog markets are trading $1-$2 lower this morning as most packers have needs covered for the week. July is $1.40 lower at $94.60 and August is $1.65 lower at $93.55.
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