Corn futures are trading lower at midday. The market is being pressured by technical selling and strength in the dollar. Futures were higher overnight on commercial buying and spillover support from soybeans. Underlying support is coming from tight ending stock projections from the USDA earlier in the week. December is 4 1/2 cents lower at $5.62 1/2 and March is 5 cent lower at $5.76.
Soybean futures are higher at midsession. Continued strong demand for U.S. soybeans from china and follow-through buying from USDA’s bullish crop and ending stock projections on Tuesday are supporting the market. USDA has reported more sales to China this week in the daily reporting system. Further gains are being limited by favorable rainfall in Brazil that is improving crop prospects. January is 7 cents higher at $13.26 1/2 and March is 7 cents higher at $13.35.
Wheat futures are mostly lower at midday. Technical selling, forecasts for beneficial rainfall the Plains and Midwest and strength in the dollar are weighing on futures. Rainfall is expected to help improve winter wheat condition ratings, which have been very low so far this fall. CBOT Dec is 4 3/4 cents lower at $7.05 1/4, KCBT Dec is 3 3/4 cents lower at $7.69 while MGE Dec is 1 /4 cents higher at $7.83 1/4.
Cattle futures are trading lower at midsession as traders wait for the cash market to develop. Light trade developed in Kansas at $97.50, but most feedlots are still waiting for steady to $1 bids compared to the $98 trade last week. Showlists are smaller this week, but boxed beef prices have been mostly lower. Choice cutouts were down 92 cents on Wednesday, the lowest level since October 18. December is 33 cents lower at $99.08 and February is 35 cents lower at $102.68.
Lean hog futures are trading mostly higher at midday. Front end futures are being supported by strength in the cash market on Wednesday. There are ideas that hog weights and slaughter numbers are peaking seasonally. However, deferred contracts have turned mostly lower. December is $1.15 higher at $69.40 and February is 45 cents higher at $75.25.
Cotton futures are mostly lower this morning. The December contract is trading higher on strong demand and tight stocks, but deferred contracts are lower on profit-taking and following the sharp losses in Chinese cotton prices. December is 38 points higher at 146.03 cents while March is 315 points lower at 137.96 cents.