Corn futures are solidly lower at midday with December corn dipping to the lowest level in five weeks. The broad-based commodity sell-off is being driven by strong losses in the stock market and crude oil and strength in the dollar index. European debt concerns are weighing heavily on outside markets. Harvest activity is increasing and initial reports from Iowa and Illinois indicate some better than expected yields. December is 5 cents lower at $6.87 and March is 5 3/4 cents lower at $6.99 3/4.
Soybean futures are trading strongly lower at midsession. Commodity markets are being pressured by strength in the dollar and weakness in the stock market and crude oil. Lingering concern about European debt is pressuring outside markets. Harvest pressure is soon to pick up while export demand remains slow. November is 22 1/2 cents lower at $13.33 and January is 23 cents lower at $13.44.
Wheat futures are trading lower at midday. Strength in the dollar index and spillover pressure from corn and soybeans are weighing on the market. Fund selling is pressuring commodity markets and concern about a sluggish global economy. Sluggish export sales and the bearish global supply/demand outlook are also pressuring the market. CBOT December is 12 3/4 cents lower at $6.75 3/4, KCBT December is 13 3/4 cents lower at $7.70 1/4 and MGE December is 14 1/2 cents lower at $8.41 3/4.
Cattle futures are trading strongly lower at midsession. Lower cash trade late last week and outside market pressure is weighing on the futures market. Thin packer margins led to limited late week trade last week. While boxed beef prices were up slightly on Friday, packer seem more willing to slow slaughter than to raise bids. Sharp losses in the stock market and strength in the dollar are bearish indicators for domestic demand and beef exports. October is 58 cents lower at $117.93 and December is 65 cents lower at $118.30.
Lean hog futures are mostly lower at midday. Outside market pressure is weighing heavily on commodity markets. Concern about the European debt situation is weighing on the stock market while the dollar index is up sharply. But the front end October contract is slightly higher due to the firm tone in the cash market. Talk that China is buying more U.S. pork is an underlying supportive factor. October is 15 cents higher at $87.50 while December is 93 cents lower at $81.80.
Cotton futures are trading strongly lower at midsession. Global economic concerns are leading to long liquidation in commodity markets. Weakness in the stock market and strength in the dollar are bearish indicators for cotton demand. October is 458 points lower at 104.50 cents and December is 382 points lower at 106.70 cents.