Corn futures are trading strongly lower at midsession. The December contract has slipped below $6 amid outside market pressure. The inability of the U.S. Congress “super committee” to reach a deal on debt-reduction measures and continued concern about the European debt crisis are weighing heavily on the stock market while the dollar index is higher. Strong losses in crude oil are also weighing on corn trade. December is 16 1/2 cents lower at $5.93 3/4 and March is 17 cents lower at $6.01.
Soybean futures are solidly lower at midday. Macroeconomic concerns are leading to continued fund long liquidation. The stock market is sharply lower and the dollar index is higher on the inability of the U.S. Congress “super committee” to agree on debt reduction measures along with continued concern about the European debt crisis. Generally favorable weather conditions in South America and ideas of a large crop there are also weighing on futures. January is 21 1/2 cents lower at $11.46 1/2 and March is 22 cents lower at $11.56 1/4.
Wheat futures are trading lower at midsession. Outside market pressure and sluggish export demand continue to weigh on trade. Egypt recently bought wheat from Russia, the Ukraine and Kazakhstan with none of the business going to the U.S. Strength in the dollar amid the European debt crisis will make U.S. wheat even less competitive on the global market. Fund selling is also being triggered by losses in the stock market and concern about the inability of the U.S. Congress to reach a debt reduction deal. CBOT December is 12 1/4 cents lower at $5.86, KCBT December is 8 1/2 cents lower at $6.60 and MGE December is 16 1/4 cents lower at $9.01.
Cattle futures are trading lower at midsession. Outside markets are weighing on the market. The stock market is sharply lower and the dollar index is higher on continued concern about the European debt crisis and on concern about the U.S. budget problems. The Cattle on Feed report released on Friday afternoon was viewed as neutral for prices as most of the estimates came in near trade expectations. December is 25 cents lower at $119.45 and February is 73 cents lower at $121.05.
Lean hog futures are slightly higher at midday. The market has been trading mixed this morning, but front end contracts are higher on support from the jump in pork cutouts on Friday and generally steady cash markets. Gains are being limited by weakness in the stock market and strength in the dollar index. December is 18 cents higher at $87.65 and February is 18 cents higher at $91.15.