Corn futures are trading lower at midday. Corn futures are trading slightly lower amid strength in the wheat complex. Prices are expected to trade on both sides of the market as the trade awaits the October supply and demand report scheduled to be released this Thursday. Prices are also being pressured by the rapidly advancing corn harvest. December corn is trading 3 cents lower.
Soybean futures are trading mixed at midday. Soybean futures are trimming losses on short covering and spillover support from the wheat market. Forecasts for better than expected production output and yield estimates by one private economics firm weighed market prices overnight and into morning trade; however, firm demand for soybeans and soy products are expected to underpin the market. November soybeans are trading 3 ¾ cents lower.
Wheat futures are trading higher at midday. Wheat futures are extending gains on global supply worries. Poor growing conditions in Australia and Russia are supporting prices this morning as traders expect USDA to reduce global ending stocks further. Australian wheat production is projected to decline by more than one million tonnes while Russian output is only expected to reach 70 million tonnes. However, gains may be cut short by lower outside markets and continued strength in the dollar index. Chicago wheat (Dec) is trading 6 ½ cents higher, KCBOT is trading 7 ¼ cents, and MGE is trading 5 ½ cents higher.
Live cattle futures are trading higher at midday. Contrary to expectations, cattle futures are posting firm gains at midday. Follow through support from last week’s higher cash prices are underpinning futures despite eroding wholesale beef prices and packer margins. Friday’s closing beef prices were $1.36 lower for choice cuts and $1.45 cents lower for select cuts. October is trading 55 cents higher while December is trading 53 cents higher.
Lean hog futures are trading higher at midday. Lean hog futures are trading higher on short term supply concerns and higher cash prices. Packer margins and demand are good, another supportive factor for the market. However weakness in the pork carcass may limit gains. October is trading 48 cents higher while December is trading 55 cents higher.