Corn futures are trading solidly lower on midday. Fund long liquidation and sluggish export demand are weighing on futures trade. Uncertainty about the global economy and the Eurozone debt crisis are causing some funds to liquidate long positions. Crude oil is lower again today. Weakness in the dollar index is limiting further losses. December is 9 cents lower at $6.05 1/2 and March is 10 cents lower at $6.13 1/2.
Soybean futures are lower at midsession. After posting gains overnight the market slipped lower again on spillover pressure from corn, weakness in crude oil and fund selling given the uncertainty about the global economy. Loses are being limited by recent export demand with China and weakness in the dollar index this morning. January is 9 1/4 cents lower at $11.59 and March is 9 1/2 cents lower at $11.69.
Wheat futures are trading lower at midday. The market is being pressured by sluggish export demand and the bearish global supply/demand fundamental outlook. Spillover weakness from corn is also weighing on trade. However, losses are being limited by futures already at technically oversold levels and by weakness in the dollar index this morning. CBOT December is 1 1/2 cents lower at $5.91, KCBT December is 2 1/ 2 cents lower at $6.64 and MGE December is 2 cents lower at $9.23.
Cattle futures are trading lower at midsession. Positioning ahead of the Cattle on Feed report and some weakness in the cash market this week is weighing on futures. Pre-report trade estimates are for on feed numbers to be up 4%, placements in October down 1% and October marketings up 1%-2%. Light cash trade developed in the South at down $2-$3 from last week. December is 80 cents lower at $120.20 and February is $1.05 lower at $122.55.
Lean hog futures are mixed at midday. Weakness in pork prices and the weak tone in the cash market is weighing on the nearby contract. However, losses are being limited and some contracts are higher on ideas of continued strong export demand and weakness in the dollar index this morning. December is 60 cents lower at $86.85 while February is 13 cents higher at $90.55.