Corn futures are trading lower at midsession. Increasing concern about the global economy and losses in the stock market are pressuring prices. Crude oil futures are lower and the dollar index is higher this morning as well. Further losses are being limited by strong weekly export sales reported this morning at 52.4 million bushels. March is 10 3/4 cents lower at $3.42 1/2 and May is 11 cents lower at $3.51.



Soybean futures are strongly lower at midday. Futures have fallen to 2-month lows. The market is being pressured by financial market concern and reports that China may have canceled 4-6 cargoes of soybean sales from the U.S., instead switching them to Brazil. Brazil will begin harvesting their crop soon. In addition, beneficial rainfall is forecast for Argentina over the next couple of days. March is 29 1/2 cents lower at $8.55 and May is 30 1/2 cents lower at $8.55 1/2.



Wheat futures are lower at midsession. The market is being pressured by outside financial market weakness. The stock market is lower today and the world economic outlook is gloomy. Strength in the dollar is also a bearish factor for U.S. exports. Further losses are being limited by the dry conditions in the southern Plains that are threatening HRW wheat production. CBOT March is 10 1/4 cents lower at $5.09 1/4, KCBT March is 14 3/4 cents lower at $5.43 1/2, and MGE March is 15 3/4 cents lower at $6.10.



Cattle futures are trading sharply lower at midday. The market is being pressured by weakness in the stock market and other commodity markets. The weakening economy has hurt demand for beef and boxed beef prices continue to work lower. The market is down strongly despite ideas that losses would be limited by positioning ahead of the Cattle on Feed report due out after the close. April is $1.70 lower at $83.05 and June is $1.48 lower at $81.05.



Lean hog futures are strongly lower at midsession, hitting new contract lows in many months. Weakness in outside financial markets is weighing on futures. In addition, fundamental pressure is coming from weakness in the cash market, declining pork cutout values and packer margins that are in the red. April is $1.45 lower at $56.13 and June is $1.80 lower at $71.30.