Corn futures are sharply lower at midsession. Ideas that frost damage in the upper Midwest was less than feared helped push prices lower. Technical selling and some seasonal harvest pressure also are weighing on the market. Better than expected weekly export sales reported this morning have failed to provide the market support. Export sales of 46.1 million bushels were well above trade expectations. December is 17 1/2 cents lower at $7.07 and March is 16 1/2 cents lower at $7.21 1/2.
Soybean futures are strongly lower at midday. The market continues to push lower on sluggish export demand and technical selling. Weekly export sales reported this morning were below trade expectations at only 12.9 million bushels. There was concern about frost damage in the upper Midwest, but crop damage is only expected to be minimal. The market is lower despite weakness in the dollar index and strength in crude oil. November is 19 1/2 cents lower at $13.63 1/4 and January is 19 1/4 cents lower at $13.74 1/2.
Wheat futures are trading lower at midsession. Spillover pressure from corn and soybeans and forecasts for rain in the Plains are weighing on the market. Much needed rainfall is forecast for this weekend in the Plains, arriving at a critical time for winter wheat seeding and emergence. Weekly export sales reported this morning at 15.2 million bushels fell within trade expectations. CBOT December is 11 1/2 cents lower at $6.93, KCBT December is 7 1/4 cents lower at $7.84 3/4 and MGE December is 9 cents lower at $8.55 3/4.
Cattle futures are trading lower at midsession. The market has turned lower on profit-taking from recent gains. Expectations are still for cash trade to be firm this week, but futures have already built in a premium to last week’s cash market. Beef prices were stronger early in the week, but turned mixed on Wednesday. October is 90 cents lower at $120.10 and December is 38 cents lower at $120.53.
Lean hog futures are trading higher at midday. The market is being supported by the 88 cent gains in pork cutouts on Wednesday and firm pork cutout values. Favorable margins for packers are encouraging a big Saturday slaughter. But gains in deferreds are being limited by rising hog weights and expectations for increasing numbers of market hogs. Slaughter weights for hogs in Iowa last week were up 3.7 pounds from the previous week. October is 75 cents higher at $89.20 and December is 80 cents higher at $84.65.