Corn futures are trading lower at midday. Profit-taking on the strong gains posted Monday is weighing on futures. The weak tone in crude oil prices and strength in the dollar are bearish factors. Further losses are being limited by uncertainty about the corn crop in Argentina as dry weather is hurting production prospects. March is 2 1/2 cents lower at $5.86 and May is 2 3/4 cents lower at $5.94 1/4.
Soybean futures are lower at midsession. The market is being pressured by profit-taking from the gains yesterday and by the dollar turning higher. Spillover weakness from crude oil is weighing on soybean oil and the soybean complex. But losses are being limited by concern about more dry weather in Argentina that is hampering crop prospects. January is 2 1/4 cents lower at $13.00 1/4 and March is 2 cents lower at $13.10.
Wheat futures are strongly lower at midday. Profit-taking from the rally on Monday is weighing on futures. Sluggish export demand and technical selling are extending losses. Further losses are being limited by dry weather concerns in the western Plains and wet weather in eastern Australia. CBOT March is 15 1/2 cents lower at $7.64 3/4, KCBT March is 18 cents lower at $8.53 and MGE March is 17 3/4 cents lower at $8.53 1/4.
Cattle futures are trading lower at midsession. The market is correcting from the gains on Monday despite some supportive news. Boxed beef prices were higher on Monday and there is optimism for firm cash trade this week. Strength in the stock market is supportive. Stocks are higher on the better than expected retail sales. February is 63 cents lower at $104.33 and April is 58 cents lower at $107.53.
Lean hog futures are lower at midday. Weakness in the cash market on Monday and a correction from the strong gains on Monday are weighing on futures. The dollar turning higher this morning is also a bearish factor. Cash hog prices are expected to be soft through the holidays as packers have reduced slaughter schedules. February is 68 cents lower at $75.65 and April is 40 cents lower at $79.65.
Cotton futures are strongly higher at midsession. Speculative buying continues to be supportive. On Monday, China only raised reserve requirements for banks instead of benchmark interest rates. This was seen as bullish. March is 463 points higher at 145.60 cents and Mary is 378 points higher at 137.01 cents.