Corn futures are trading lower at midday. The market is being pressured by outside markets and profit-taking after hitting the highest level in four-months on Monday. Renewed concern about the euro-zone debt crisis and signs of slower economic growth in China are supporting the dollar index and weighing on the stock market and crude oil. Losses are being limited by soybeans being able to turn higher this morning. May is 3 3/4 cents lower at $6.57 and December is 71/4 cents lower at $5.64.
Soybean futures have turned higher at midsession. Futures were lower on the open on pressure from strength in the dollar index and weakness in the stock market and crude oil futures. The market had rallied ten consecutive sessions before setting back on Monday, but the rally has resumed again today. The smaller South American soybean crop projections and strong export demand remains supportive factors. May is 6 1/2 cents higher at $13.31 1/4 and November is 4 cents lower at $12.93.
Wheat futures are trading lower at midday. Strength in the dollar index and weakness in the stock market is encouraging fund selling. Continued concern over the euro-zone debt crisis and signs that China’s economy is slowing pressing global markets. World wheat supply and demand fundamentals remain bearish. However, losses at the MGE are being limited by concern that some acreage could be shifted from spring wheat to soybeans in the northern Plains this spring. CBOT May is 9 cents lower at $6.63, KCBT May is 8 cents lower at $7.08 and MGE May is 9 1/4 cents lower at $8.25 1/2.
Cattle futures are trading strongly lower at midsession. Follow-through selling and long liquidation are weighing on the market. Concern that high beef prices will hurt demand remains a bearish concern. Outside markets are also pressuring commodities. Strength in the dollar index is bearish for beef exports and weakness in the stock market is a negative indictor for domestic demand. April is 75 cents lower at $127.65 and June is 80 cents lower at $125.10.
Lean hog futures are sharply lower at midday. The weak tone in the cash market and pork cutout values along with outside market pressure is weighing on the market. Packer margins remain poor and plants have most slaughter needs covered for the week. The market is looking for seasonal improvement in pork demand, but so far it has been soft. Strength in the dollar index and weakness in the stock market are bearish factors. April is $1.58 lower at $87.85 and June is $1.38 lower at $97.13.
Cotton futures are trading lower at midday. Outside market pressure and light profit-taking from the strong gains yesterday are weighing on futures trade. The market was up strongly yesterday on news that India was banning cotton exports. May is trading 46 points lower at 91.77 cents and December is 131 points lower at 91.87 cents.