Corn futures are strongly lower at midday. The corn market is being pulled lower by the broad-based selloff across the commodity markets. Crude oil at midday is trading nearly $7 per barrel lower. The decline in precious metals and energy markets are pressured grain futures as traders take profits from long positions. Futures are lower despite continued concern about corn plantings. Wet conditions in the eastern Corn Belt are expected to continue to slow corn planting, although some progress has been made this week in the central and western Corn Belt. July is 17 cents lower at $7.12 1/2 and December is 11 1/4 cents lower at $6.54.
Soybean futures are sharply lower at midsession. The soybean market is being pressured by broad-based commodity selling and the sharp losses in crude oil futures. Slowing export demand remains a fundamental bearish factor. China has slowed purchases and demand has shifted to the large soybean crops in South America. The Weekly Export Sales report released this morning showed only 0.8 million bushels of new commitments. July is 32 1/4 cents lower at $13.20 and November was 34 1/4 cents lower at $13.04 1/4.
Wheat futures are trading lower at midday. The market is being influenced by the broad-based commodity weakness, led by sharp losses in crude oil and precious metals. The market is under pressured despite poor winter wheat condition ratings and spring wheat planting delays. Crop scouts at the Wheat Quality Council’s tour have reported poor conditions and significant losses to the wheat crop in Kansas if rain doesn’t fall in the next couple of weeks. CBOT July is 15 cents lower at $7.57, KCBT July is 13 3/4 cents lower at $8.64 and MGE July is 17 1/4 cents lower at $8.98.
Cattle futures are trading lower at midsession. The broad-based commodity sell-off is helping to pressure cattle futures. The market has been weak recently on concern of sluggish beef demand. Agricultural commodities are lower as the dollar is higher and investors are liquidating long positions. Boxed beef prices were lower on Wednesday and cash markets were generally $115 this week, down $2 from the previous week. June is 65 cents lower at $109.90 and August is $1.00 lower at $11.95.
Lean hog futures are mixed at midday. Short-covering from recent sharp losses are supporting front end contracts. The market has been pressured recently by concern about pork demand amid rising gasoline prices. Pork prices were down another 47 cents on Wednesday and packer margins are poor. The tone in the cash market remains lower as packers have slowed purchases. June is 70 cents higher at $92.85 and August is 3 cents higher at $94.35.
Cotton futures are sharply lower at midsession. Broad-based commodity selling is affecting the cotton market. Sharp losses in crude oil and precious metals have are weighing on agricultural commodities as fund liquidate long positions. July is 695 points lower at 144.56 cents and December is 340 points lower at 122.19 cents.