Corn futures are trading lower at midsession. The market has been choppy this morning and buying interest has been limited despite weakness in the dollar index and strength in the stock market. Some pressure is coming from a private corn production estimate that came in slightly above USDA’s October production estimate of 12.433 billion bushels. December is 5 cents lower at $6.49 1/4 and March is 6 cents lower at $6.49 1/2.
Soybean futures are higher at midday. Futures are being supported by weakness in the dollar index and strength in crude oil futures and equity markets. Talk that China bought some U.S. soybeans has been supportive. Gains are being limited by uncertainty about the global economy and the European debt crisis. Also a private production estimate for soybean production came in above USDA’s October projection of 3.060 billion bushels. November is 3 cents higher at $11.95 1/4 and January is 2 1/2 cents higher at $12.05.
Wheat futures are trading mixed this morning. The CBOT is being pressured by weakness in corn despite the weakness in the dollar and strength in the stock market. But the KCBT and MGE are higher amid poor HRW winter wheat condition ratings so far this fall and tight supplies of high protein wheat. CBOT December is 4 cents lower at $6.26, while KCBT December is 1 cent higher at $7.19 1/2 and MGE December is 9 1/4 cents higher at $9.15.
Cattle futures are trading mixed at midsession. The recovery in the stock market this morning and weakness in the dollar is supporting the nearby contract. Strength in the cash market pushed futures sharply higher on Tuesday and some follow-through buying was supporting again this morning. But profit-taking has developed to weigh on deferred contracts. December is 55 cents higher at $122.15 while February is 10 cents lower at $124.10.
Lean hog futures are higher at midday. The market is higher amid short-covering and outside market support. Financial markets continue to be volatile. Strength in the stock market and weakness in the dollar are bullish factors. Pork prices were down 63 cents on Tuesday, but strong export demand has given some optimism that pork prices are close to bottoming out. December is 20 cents higher at $87.75 and February is 58 cents higher at $90.65.