Corn futures are trading slightly lower at midsession. The market has traded mixed this morning. Futures were supported at times by spillover support from soybeans and short-covering after futures fell to a one-month low on Monday. However, futures have slipped slightly lower on pressure from strength in the dollar index and weakness in the stock market. Dec is 1 cent lower at $6.23 1/2 and March is 1 1/4 cents lower at $6.42.
Soybean futures are trading solidly higher at midday. Technical buying and reports that China is in the market for U.S. soybeans are supportive factors. Futures have been able to rally despite bearish outside market influences. January is 14 cents higher at $11.92 1/4 and March is 13 1/2 cents higher at $12.02 1/4.
Wheat futures are mixed at midday. Light support is coming from strength in soybeans and winter wheat concerns. USDA reported the winter wheat crop at 56% emerged, down from the five year average of 74%. Also, only 23% of the crop was rated good-to-excellent. Gains are being limited and some deferred contracts are lower due to sluggish export demand and strength in the dollar index. CBOT December is 1 cent higher at $6.16 3/4 and KCBT December is 1 1/4 cents higher at $6.93 1/4 and MGE December is 1 1/2 cents higher at $9.29.
Cattle futures are trading higher at midsession. Futures are being supported by short-covering and strength in boxed beef prices. Packers slowed chain speeds last week and the resulting limited supplies of beef are pushing beef prices higher. Choice cutouts were up $1.38 and select cuts were up $2.38. Cash market prospects remain questionable as packer margins remain well in the red. December is 73 cents higher at $120.83 and February is 88 cents higher at $123.10.
Lean hog futures are lower at midday. The futures market is being pressured by ample hog supplies and declining pork prices. Pork cutouts were down 46 cents on Monday and the cash market tone remains steady to lower. However, losses are being limited by strong export demand. Pork exports in September were estimated to be up 37% from the previous year. December is 83 cents lower at $85.75 and February is 23 cents lower at $88.68.