Corn futures are trading higher at midday. The market was pressured early by strength in the dollar and weakness in the stock market. Outside markets are being influenced by reports of artillery fire between North and South Korea. However, commercial buying and technical support are helping support corn trade after falling to six week lows. December is 4 cents higher at $5.19 1/4 and March is 4 cents higher at $5.33 1/4.
Soybean futures are lower at midsession. The market is being pressure by strength in the dollar, and lower equities and crude oil trade. The news of artillery fire between North and South Korea have shaken overseas and U.S. markets. Losses are being limited by the rebound in corn and increasing concern about dry conditions in Argentina and southern Brazil. January is 5 1/2 cents lower at $12.16 and March is 6 cents lower at $12.22 3/4.
Wheat futures are trading lower at midday. Strength in the dollar is weighing on the market. Rising tensions in Korea is supporting the dollar and weighing on the stock market. However, losses are being limited by dry conditions in the western Plains that continue to hamper condition ratings. Winter wheat is rated 47% good-to-excellent, which is up 1 point from last week but still well below average. CBOT Dec is 4 cents lower at $6.41 1/2, KCBT Dec is 1 3/4 cents lower at $7.10 3/4 and MGE Dec is 7 1/4 cents lower at $7.22 3/4.
Cattle futures are trading mostly lower at midsession. Outside market pressure is weighing on most contracts. The stock market is strongly lower and the dollar is higher following reports of artillery being fired between North and South Korea. Losses are being limited by ideas of firm cash trade this week. Choice cutouts were up $1.82 on Monday and showlists are generally smaller this week. December is 13 cents lower at $100.80 while February is 18 cents higher at $104.78.
Lean hog futures are mostly lower at midday. Steady cash markets are providing support for the December contract, but deferreds are lower. Weakness in outside markets and the Cold Storage report released on Monday afternoon are pressuring futures. The Cold Storage report showed total frozen pork above trade estimate, although it is the smallest October 31 total since 2005. December is 25 cents higher at $69.65 while February is 68 cents lower at $76.25.
Cotton futures are sharply lower again today. Concern about the violence in Korea and the pressure it is putting on the stock market is weighing on futures. Strength in the dollar is helping keep the market on the defensive. December is 950 points lower at 112.40 and March is 600 points lower at 111.79 cents.