Corn futures are trading solidly lower at midsession. Fund selling is weighing on the market amid strength in the dollar, weakness in crude oil futures and generally favorable crop weather in the U.S. Warm temperatures and rainfall in the Plains and Midwest will help soil moisture levels and crop prospects this spring. Above-normal temperatures and rainfall are forecast for the Plains and parts of the Midwest over the next week to ten days. May is 11 1/2 cents lower at $6.52 and December is 7 1/4 cents lower at $5.63.
Soybean futures are strongly lower at midday. The market is being pressured by further profit-taking after hitting a six-month high early this week. The losses are being triggered by strength in the dollar and weakness in crude oil futures. Concern about slowing economic growth in China is bearish for outside markets and China as they are the major customer for U.S. soybeans. May is 18 3/4 cents lower at $13.47 3/4 and November is 14 1/2 cents lower at $13.11.
Wheat futures are trading lower at midsession. Spillover weakness from corn and soybeans are weighing on wheat prices. In addition, strength in the dollar index and weakness in equities are bearish for commodity markets. Above normal temperatures and forecasts for significant rainfall in the Plains and parts of the Midwest will be beneficial for the winter wheat crop. Weather forecasts look above normal for the next couple of weeks. CBOT May is 8 1/4 cents lower at $6.44, KCBT May is 6 3/4 cents lower at $6.84 3/4 and MGE May is 5 cents lower at $8.02.
Cattle futures are trading mixed at midsession. The futures market is mixed with front end contracts finding support from a rebound in boxed beef prices on Monday. But deferred contracts are being pressured by weakness in the stock market and strength in the dollar index. There is concern about slowing economic growth in China. April is 13 cents higher at $125.30 and June is 25 cents higher at $122.40.
Lean hog futures are lower at midday. The weak tone in the cash market and the 41 cent decline in pork cutout values on Monday are weighing on futures. Concern about slowing economic growth in China is bearish as they are an important market for U.S. pork. Strength in the dollar and weakness in the stock market are also bearish factors. April is 90 cents lower at $85.13 and June is 50 cents lower at $92.90.