Corn futures are trading lower at midsession. The market has eased ahead of the Federal Reserve announcement today on monetary policy. The dollar is expected to pressured, but the dollar has firmed ahead of any news. Losses are being limited by recent private production estimate for a decline in corn yields compared to October. USDA will update Crop Production on November 9. December is trading 4 cents lower at $5.71 3/4 and March is 4 1/4 cents lower at $5.85.
Soybean futures are lower at midday. The market is being pressured by the firm dollar, which has rebounded slightly ahead of the Federal Reserve announcement on monetary policy, which is expected later today. Some private estimates are for a slightly higher November soybean production estimate ahead of the USDA estimates on November 9. Strong export demand remains a supportive factor, although daily news on exports has been absent so far this week. January is 7 1/2 cents lower at $12.26 1/2 and March is 7 cents lower at $12.33 1/2.
Wheat futures have turned lower at midsession. Trading volume is light as the market is waiting for news from the Federal Reserve today on monetary policy. The Fed action today is expected to lead to a lower dollar, but the dollar is currently trading firm. There are forecasts for rain in the Plains over the next 6-10 days, although most of the rain is for the eastern areas of the HRW belt while western areas are the driest. CBOT Dec is 7 1/2 cents lower at $6.86 3/4, KCBT Dec is 5 1/2 cents lower at $7.13 and MGE Dec is 7 1/2 cents lower at $7.55 1/4.
Cattle futures are trading lower at midday. Ideas that the cash market will be lower this week is weighing on futures trade. Light trade has developed in Kansas at $98, down $2 from last week. However, most feedlots are holding out for higher bids. December is 30 cents lower at $97.95 and February is 53 cents lower at $101.33.
Lean hog futures are higher at midsession. Short-covering and some ideas that cash hog prices may have hit a seasonal bottom are supporting prices. Pork prices have rebounded so far this week, gaining $2.35 on Monday and 90 cents on Tuesday. December is 53 cents higher at $66.73 and February is 43 cents higher at $72.80.
Cotton futures have turned lower at midday. Futures rallied to a new record modern high this morning on speculative fund buying and strong cotton prices in china. But profit-taking has developed to push prices lower as of midsession. December is 76 points lower at 133.50 cents.