Corn futures are strongly lower at midday. Outside markets are weighing heavily on futures. The stock market and crude oil are down sharply. Strength in the dollar is also a concern for the export market. For the first time since 1998, Japan has purchased corn from Romania. May is 12 1/2 cents lower at $3.46 1/2 and July is 12 1/2 lower at $3.56.



Soybean futures are trading sharply lower at midsession. Losses are being attributed to outside market pressure as the stock market and crude oil are sharply lower while the dollar index is higher. Recent news that indicates China is shifting their soybean purchases to South America is also a bearish factor. May is 26 1/2 cents lower at $8.45 1/2 and July is 26 cents lower at $8.49.



Wheat futures are lower at midday. The struggling economy and spillover selling from corn, soybeans and outside markets are weighing on wheat prices. Strength in the dollar is bearish for U.S. exports, with export demand already sluggish. Weekly export inspections were only 8.7 million bushels last week. CBOT May is 15 cents lower at $5.06 1/2, KCBT May is 12 cents lower at $5.48 and MGE May is 8 1/2 cents lower at $5.97 3/4.



Cattle futures are trading strongly lower at midsession. Cash cattle trade was firm late last week, but traders remain concerned about the economy. The stock market is down strongly, dipping below 7,000 for the first time since 1997. Boxed beef prices continued to decline last week, hitting the lowest level since August, 2005. April is $1.73 lower at $84.20 and June is $1.60 lower at $82.30.



Lean hog futures are lower at midday. Front end losses are being limited by the recent uptick in the cash market. But deferreds are strongly lower amid concern about the economy. The stock market and crude oil are down strongly this morning. Packer margins have improved, but demand for pork and pork cutouts values remain sluggish. April is 65 cents lower at $60.25 and June is $1.03 lower at $71.50.