Corn futures are trading steady to mixed at midday. The market has been pressured at times by profit-taking and limited buying interest ahead of the Crop Production and Supply/Demand reports due out next Monday. But strength in the stock market, weakness in the dollar and declining crop conditions ratings are supportive factors. USDA pegged the crop as 52% good to excellent, down 2 points from the previous week. December is unchanged at $7.55 3/4 and March is 1/2 of a cent higher at $7.68 3/4.
Soybean futures are lower at midsession. Profit-taking is continuing to weigh on the futures market this morning. However, gains are being limited by outside market support and declining crop condition ratings. The stock market has rebounded this morning while the dollar index is lower. USDA pegged the crop at 56% good to excellent, down 1 point from the previous week. November is 5 cents lower at $14.17 1/2 and January is 4 cents lower at $14.28 1/4.
Wheat futures are trading lower at midday. Sluggish export demand and bearish global supply/demand fundamentals are weighing on the market. Egypt’s recent export business went to Russia and Kazakhstan. Losses are being limited by weakness in the dollar and continued drought in the southern Plains that is threatening HRW seeding and emergence this fall. CBOT December is 4 cents lower at $7.56, KCBT December is 3 1/4 cents lower at $8.62 1/4 and MGE December is 2 3/4 cents lower at $9.29.
Cattle futures are trading higher at midsession. Ideas of firm cash trade this week are supporting the market. There are some signs that beef prices are stabilizing as choice cutouts were down only 8 cents yesterday. Strength in the stock market is helping restore some confidence in the economy, which is a positive factor for beef demand. October is 83 cents higher at $117.80 cents and December is 60 cents higher at $118.88.
Lean hog futures are higher at midday. Short-covering from technically oversold conditions are supporting the market. Pork cutout values were down 77 cents on Tuesday, but ideas are that pork prices will stabilize as retailers restock meat cases following the Labor Day weekend holiday. October is 75 cents higher at $84.10 and December is 25 cents higher at $81.50.