Corn futures are trading lower at midday. Profit-taking after hitting new contract highs earlier this week and strong the dollar index are weighing on futures. Crop yield and production estimate have been declining. Hot and dry weather this week has further trimmed yield potential, but cooler weather and some chances of rain are expected this weekend. December is 6 cents lower at $7.61 1/2 and March is 5 3/4 cents lower at $7.73 1/4.
Soybean futures are lower at midsession. After the spot soybean price hit the highest level in nearly three years earlier this week, the market has been pressured by profit-taking. Strength in the dollar has helped trigger the weakness in soybeans this morning. Losses are being limited by recent hot and dry weather in the Midwest that are leading to further ideas of lower yields and production than previously expected. However, cooler temperatures and some chances for rain are forecast for the Midwest this weekend. November is 5 1/2 cents lower at $14.52 and January is 4 3/4 cents lower at $14.62 1/2.
Wheat futures are lower at midday. Profit-taking following the gains in August, sluggish export demand and strength in the dollar index this morning are weighing on futures. Weekly export sales reported this morning of 13.6 million bushels were near the low end of trade expectations. There are forecasts for some much needed rainfall in the southern Plains, but more will be needed to improved soil moisture levels ahead of fall seeding. CBOT December is 12 cents lower at $7.79 1/2, KCBT December is 9 cents lower at $8.86 and MGE December is 3 1/2 cents lower at $9.43.
Cattle futures are trading mostly lower at midsession as the market waits for the cash market to develop for further direction. Beef prices continue to decline as demand has been slowed after packers filled Labor Day orders last week. Choice cutouts were down $1.78 and select cuts were $1.70 lower on Wednesday. However, ideas that cash trade could be firm are supporting the October contract. October is 8 cents higher at $114.10 while December is 50 cents lower at $115.40.
Lean hog futures are solidly lower at midday. Bearish cash fundamentals are weighing on futures. Pork cutouts were down another $1.55 yesterday as demand for pork is sluggish after Labor Day orders were filled last week. Cash prices are falling sharply, with national average hog prices down $2.70 on Wednesday and another $1-$2 lower on Thursday morning. Increasing market ready hog numbers and rising slaughter weights coupled with the soft demand are expected to keep the cash market on the defensive for the near-term. October is 75 cents lower at $84.75 and December is $1.35 lower at $81.55.