Corn futures are trading sharply lower at midsession. Weakness overnight in Asian stocks and U.S. financial markets this morning has triggered losses in nearly all commodity markets. The market is looking weak for the near-term following the key reversal lower posted earlier this week. May is 15 3/4 cents lower at $4.19 3/4 and December is 14 cents lower at $4.06.



Soybean futures are strongly lower at midday. The market is being pressured by the drop in U.S. and Asian stock markets. Technical selling is helping to extend losses as the market slips below technical support. May is 26 1/4 cents lower at $7.61 1/4 and November is 24 3/4 cents lower at $7.99 1/2.



Wheat futures are lower at midsession in sympathy with outside markets and other crops. Concern about the Asian economy has led to sharp losses in the U.S. stock market. Wheat export sales of only 11.8 million bushels were at the low end of expectations and were 39% under the four-week average. CBOT May is 15 cents lower at $4.73, KCBT May is 13 1/2 cents lower at $5.02, and MGE May is 13 cents lower at $5.07.



Cattle futures are trading lower at midday. Sharp declines in the Asian and U.S. stock markets are weighing on futures after most months hit new contract highs on Wednesday. Lower boxed beef prices and the premium futures are carrying to the most recent cash market are also bearish factors. April is 45 cents lower at $96.60 and June is 75 cents lower at $94.75.



Lean hog futures are lower at midsession. Packer margins remain positive, but have been trimmed by recent weakness in pork cutout values. The weakness in the financial markets has led nearly all commodity markets lower this morning. April is 85 cents lower at $66.90 and June is 93 cents lower at $77.13.