Corn futures are trading lower at midsession. Profit-taking from recent gains and outside markets are weighing on the market. Strength in the dollar is bearish for commodity markets. Hot and dry weather in Argentina again this week and concern about stress in the corn crop is providing underlying support. March is 1 3/4 cents lower at $6.56 3/4 and May is 2 cents lower at $6.65.
Soybean futures are slightly higher at midday. Despite some early profit-taking weakness and outside market pressure, futures have turned higher. Hot and dry weather in southern Brazil and Argentina is raising concern about crop stress to the soybean crop. But gains are being limited by strength in the dollar index and some profit-taking from the two-month high set on Tuesday. January is 1/4 of a cent higher at $12.18 1/2 and March is 1/2 of a cent higher at $12.28.
Wheat futures are trading lower at midsession. Strength in the dollar index and profit-taking are weighing on futures. CBOT wheat rallied to a three-month high on Tuesday before turning lower today. Sluggish export demand remains a concern as global supply/demand fundamentals remain bearish. CBOT March is 8 1/2 cents lower at $6.48 1/2, KCBT March is 6 1/2 cents lower at $7.06 and MGE March is 7 3/4 cents lower at $8.36 1/2.
Cattle futures are trading mostly lower at midsession. The market is being pressured by sluggish beef demand to start the year and larger showlists, which could weigh on the cash market this week. Forecasts show generally favorable weather in feedlot areas in the near-term. However, losses are being limited by expectations that demand will pick up seasonally. February is 10 cents lower at $121.45 and April is 23 cents lower at $125.05.
Lean hog futures are mixed at midday. Front end futures are slightly lower on profit-taking from the gains on Tuesday. But losses are being limited by ideas that pork and cash prices are near a seasonal low. Pork prices were up $1.05 yesterday and packers have upped bids for hogs to help fill slaughter schedules the remainder of the week. February is 13 cents lower at $85.40 and April is 20 cents lower at $88.25.