Corn futures are trading lower at midsession. Outside markets are pressuring corn trade. The dollar is higher and stock market lower as financial markets remain concerned about the European debt problems. Losses are being limited by firm cash basis levels and spillover support from soybeans. December is 5 cents lower at $6.33 1/2 and March is 5 cents lower at $6.42 3/4.
Soybean futures are higher at midday. The market has been able to rally on talk of China being in the market for U.S. soybeans despite outside market pressured. But gains are being limited by strength in the dollar and weakness in the stock market. The NOPA soybean crush number at 141.2 million bushels was slightly bearish for soybeans as it was about 1 million below trade expectations. January is 7 cents higher at $11.82 1/2 and March is 7 1/4 cents higher at $11.93.
Wheat futures are trading mixed at midsession. The rally in the dollar index and spillover weakness from corn are weighing on winter wheat prices. Sluggish export demand remains a bearish concern and strength in the dollar will make U.S. wheat less competitive on the global market. The MGE has turned higher due to tight stocks of high protein wheat, but futures there have been pulled lower as well. CBOT December is 4 3/4 cents lower at $6.12, KCBT December is 8 1/4 cents lower at $6.95 3/4 while the MGE December is 2 3/4 cents higher at $9.37.
Cattle futures are trading lower at midsession. The market is being pressured by outside markets and ideas that poor packer margins will prevent much further strength in the cash market. Strength in the dollar and weakness in the stock market are negative indicators for beef demand. December is 30 cents lower at $120.25 while February is 23 cents lower at $122.50.
Lean hog futures are mixed at midday in choppy trade. Hog numbers remain ample and the cash market is steady to lower. But futures are stabilizing on favorable packer margins and ideas that market ready hog numbers will soon peak. Strong export demand remains an underlying supportive factor. December is 20 cents lower at $86.25 and February is 55 cents higher at $88.30.