Corn futures are trading lower at midday. Futures were higher overnight on weakness in the dollar and spillover support from wheat. But the dollar has turned higher and wheat has turned lower, which is also weighing on corn. Hot and dry weather has hampered corn production prospects in Argentina, but forecasts are calling for some rainfall. March is 3/4 of a cent lower at $5.67 1/4 and May is 1 1/2 cents lower at $5.74 3/4.    


 


Soybean futures are slightly higher at midsession. The market is holding onto small gains this morning amid strong export demand. Gains overnight were driven by weakness in the dollar, but the dollar has since turned higher. USDA is expected to lower their ending stocks estimate in the Supply/Demand report on Friday. January is 2 1/2 cents higher at $12.91 and March is 3 3/4 cents higher at $12.99.   


 


Wheat futures are trading mixed at midday. Strong gains were posted overnight before wheat futures turned lower this morning. Profit-taking has been triggered by the dollar index turning higher this morning. Global weather problems remain underlying supportive factors. Heavy rain in eastern Australia is raising further concerns about the quality of the maturing wheat crop. CBOT March is 2 3/4 cents lower at $7.90 1/4, KCBT March is 3/4 of a cent higher at $8.37 1/2 and MGE March is 5 1/4 cents higher at $8.55 1/2.     


 


Cattle futures are trading lower at midsession. Futures set new contract highs in all months overnight, but have turned lower on profit-taking. Supportive factors included weakness in the dollar, but the dollar index has now turned lower. Strength in choice beef prices and some optimism for steady to firm cash trade this week was a supportive in the early rally. December is 58 cents lower at $102.80 and February is 83 cents lower at $105.60.


 


Lean hog futures are mixed at midday. Early strength was attributed to weakness in the dollar and strength in the cash market. But the market has turned mixed as the dollar has strengthened and on concern that pork prices may soon turn lower once holiday buying is completed. Cash markets are mostly steady this morning. February is 5 cents lower at $75.20 while April is 30 cents higher at $79.35.


 

Cotton futures are mixed at midsession. The market is consolidating at midday in mixed trade. The market has been very volatile and prices were higher overnight when the dollar index was lower. But the dollar has turned higher and cotton prices are now mixed. March is 15 points higher at 130.58 cents while May is 10 cents lower at $124.20.