Corn futures are trading lower at midsession. Short-covering gains overnight were short-lived as the market has turned lower. December futures have dipped below psychological support at $7. Technical selling, strength in the dollar and weakness in crude oil are weighing on futures. Increasing harvest progress and some reports of better than expected yields are also bearish factors. December is 5 1/2 cents lower at $6.95 1/2 and March is 6 cents lower at $7.08 3/4.
Soybean futures are lower at midday. After some light short-covering gains early in the session, futures have turned lower. Strength in the dollar index and weakness in crude oil are weighing on trade. The market has been pressured this week by the bearish USDA reports and fund long liquidation. Export demand remains sluggish and NOPA monthly crush reported this week fell below trade expectations. November is 5 cents lower at $13.53 3/4 and January is 4 3/4 cents lower at $13.65 1/2.
Wheat futures are lower at midsession. Futures opened higher, but turned lower on technical selling, spillover weakness in corn and strength in the dollar index. The global supply/demand outlook is bearish and export demand for U.S. wheat remains sluggish. CBOT December is 4 cents lower at $6.92, KCBT December is 7 1/4 cents lower at $7.88 and MGE December is 1 cent lower at $8.70.
Cattle futures are trading lower at midsession. Light follow-through weakness is weighing on the market following the sell-off yesterday. Losses are being limited by traders waiting for the cash market to develop. Firm trade is expected compared to the mostly $118 trade last week. Generally smaller showlists and short-bought packers are expected to support the market. October is 50 cents lower at $118.40 and December is 83 cents lower at $118.60.
Lean hog futures are strongly lower at midday. Pork cutouts were down 50 cents on Thursday and cash trade has turned mostly steady after posting gains earlier in the week. There is concern that cash prices will be pressured by rising slaughter weights and increasing supplies of market ready hogs. October is $1.40 lower at $87.60 and December is $1.70 lower at $82.70.