Corn futures are trading lower at midday. Profit-taking and strength in the dollar are weighing on the market. Increased farmer selling on recent gains are also pressuring prices. Underlying support continues to come from USDA’s smaller corn crop estimate and the tightened ending stocks estimate. The projected ending stock to use ratio of 6.2% is the lowest since 1995/96. December is 5 1/2 cents lower at $5.70 3/4 and March is 5 1/2 cents lower at $5.84 3/4.
Soybean futures are lower at midsession. The market is being pressured by strength in the dollar and profit-taking from the strong rally yesterday. Rainfall in Brazil and cooler temperatures in Argentina are boosting crop prospects there. Losses are being limited by strong export demand as USDA reported in the daily reporting system the sale of 110,000 tonnes of soybeans to China. January is 3 cents lower at $13.26 and March is 3 1/2 cents lower at $13.34 1/2.
Wheat futures are trading lower at midday. Forecasts for much needed rainfall in winter wheat areas, strength in the dollar and profit-taking are weighing on prices. The market is lower despite some favorable export news. Egypt’s most recent export tender included business with the U.S. after the previous tender excluded U.S. supplies. CBOT Dec is 10 1/4 cents lower at $7.11 1/2, KCBT Dec is 11 1/2 cents lower at $7.75 1/2 and MGE Dec is 9 1/2 cents lower at $7.86.
Cattle futures are trading mixed at midsession. Front end futures are being supported by ideas that cash trade will be steady to up $1 this week. The bulk of trade last week was $98. Deferred contracts have turned lower amid losses in the corn market. Higher corn prices had raised concern about smaller beef production next year. December is 65 cents higher at $98.85 and February is 38 cents higher at $102.50.
Lean hog futures are mostly higher at midday. The $1.01 jump in pork cutouts on Tuesday and steady to firm cash bids are supporting futures trade. There are ideas that slaughter weights have peaked. USDA estimated IA/southern MN weights at 275.9 pounds, down slightly from the record high the previous week at 276 pounds. December is $1.00 cents higher at $67.55 and February is 60 cents higher at $74.25.
Cotton futures are trading mixed. Profit-taking has developed to push most contracts lower after rallying to record levels overnight. But the December contract has turned higher again amid bullish fundamentals. December is 147 points higher at 152.70 cents and March is 7 points lower at 147.07 cents.