Corn futures are trading strongly lower at midsession. Renewed concern about the euro zone debt crisis, weakness in crude oil futures and sluggish export demand are weighing on futures. Weekly export sales were disappointing at only 8.2 million bushels fell well below the range of trade estimates. December is 16 1/2 cents lower at $6.26 1/2 and March is 16 1/4 cents lower at $6.35 1/2.
Soybean futures are lower at midday. Recent strength in the dollar and concern about the euro zone debt crisis are weighing on commodity markets this morning. Losses for soybeans have been limited compared to corn and wheat due to better than expected weekly export sales. Export sales last week of 27.6 million bushels were above trade expectations. Increased in that total is 15.4 million bushels of sales to China for the 2011/12 marketing year. January is 9 1/2 cents lower at $11.78 1/4 and March is 9 cents lower at $11.89.
Wheat futures are trading lower at midsession. Strength in the dollar and renewed concern about the European debt crisis are weighing on the market. Spillover selling from strong losses in corn is also weighing on the market. Winter wheat futures have fallen to the lowest level in a month. Sluggish export remains a bearish factor for wheat. Weekly export sales reported this morning were at the low end of trade expectations at 12.3 million bushels. CBOT December is 11 cents lower at $6.05 1/2, KCBT December is 10 cents lower at $6.77 and MGE December is 11 1/2 cents lower at $9.22.
Cattle futures are trading mixed at midsession. The market is choppy on positioning ahead of the Cattle on Feed report due out on Friday afternoon. Cash trade has not developed yet this week. Beef prices have rallied this week, but packer margins remain in the red. Cash trade last week ranged from $124-$127, which are record high fed cattle prices. December is 5 cents lower at $122.00 and February is 23 cents higher at $124.53.
Lean hog futures are trading mostly higher at midday. Ideas that pork prices and the cash market may be bottoming are supporting futures trade. Pork prices were up only 8 cents, but that breaks the trend of lower prices. The tone in the cash market has been bearish, but price are mostly steady today. December is 60 cents higher at $86.15 and February is 73 cents higher at $89.65.