Corn futures are trading solidly lower at midsession. Some relief to crop stress in Argentina, spillover pressure from soybeans and outside markets are weighing on corn prices. Argentina is forecast to receive good rainfall this week and dry areas of southern Brazil are forecast to get rain late in the week. Strength in the dollar index and weakness in the stock market amid renewed concern about Greek debt are also weighing on commodity trade. March is 8 cents lower at $6.33 3/4 and May is 8 cents lower at $6.39 1/2.
Soybean futures are strongly lower at midday. Improving crop prospects in South America are weighing in the market. Good rains are forecast for Argentina this week and dry areas of southern Brazil are expected to get some rainfall later this week. Additional losses are being driven by strength in the dollar index and weakness in the stock market. March is 22 3/4 cents lower at $11.96 1/4 and May is 22 cents lower at $12.06 1/2.
Wheat futures are trading lower at midsession. Strength in the dollar index and spillover weakness from corn and soybeans are weighing on the market. The dollar is higher on renewed concern about Greek debt. Bearish global supply/demand fundamentals remain and underlying factor. Wheat supplies remain abundant globally, although U.S. wheat has become more competitive in the export market recently. CBOT March is 3 1/4 cents lower at $6.44, KCBT March is 4 cents lower at $6.96 and MGE March is 5 1/4 cents lower at $8.21.
Cattle futures are trading lower at midsession. Weakness in the cash market late on Friday and declining boxed beef prices are weighing on futures. Weakness in the stock market and strength in the dollar are also pressuring commodity trade. The market has largely ignored the slightly supportive Cattle inventory report released Friday afternoon. The U.S. inventory of all cows and calves as of January 1 totals 90.8 million head, down 2% from a year ago. February is 60 cents lower at $124.10 and April is 18 cents lower at $87.20.
Lean hog futures are lower at midday. The sharp drop in cash prices on Friday and outside markets are weighing on futures trade. The dollar index is higher and the stock market is lower on renewed concern about Greek debt. Pork prices were mostly lower last week and until cutouts can improve, the cash market is expected to struggle. February is 38 cents lower at $86.30 and April is 18 cents lower at $87.20.