Corn futures are trading lower at midday, although losses have moderated from early in the session. Outside markets are pressuring prices as European debt concerns have led to a sharp rally in the dollar and weakness in the stock market. Weakness in crude oil is also dragging corn lower. However, some short-covering has developed this morning to limit losses. December is 3 3/4 cents lower at $6.43 1/4 and March is 5 cents lower at $6.54.
Soybean futures are solidly lower at midsession. The sharp rally in the dollar and weakness in equities and crude oil are weighing on futures. Outside markets are dealing with renewed concerns about the European Union debt crisis. Losses are still double digit, but losses have been trimmed by a round of short-covering. November is 16 3/4 cents lower at $11.90 3/4 and January is 16 cents lower at $12.01 1/4.
Wheat futures are mostly lower at midday. The broad based commodity sell-off is weighing on futures trade as the dollar index is strongly higher while the stock market is lower on concerns over the European debt crisis. However, losses are being limited by short-coving and concern about the winter wheat crop. USDA pegged the crop at 46% good to excellent, which is near year-ago levels but well below long-term average ratings for this time of year. CBOT December is 6 1/2 cents lower at $6.21 3/4, KCBT December is 5 1/2 lower at $7.19 1/2 while MGE December is 3/4 of a cent higher at $9.09 1/2.
Cattle futures are trading mostly lower at midsession. Strength in the dollar and weakness in the stock market due Greek debt concerns are weighing on the market. Poor packer margins are expected to keep cash prices from increasing this week, although showlists are generally smaller. The December contract is up slightly due to the discount to cash market expectations. December is 20 cents higher at $118.80 while February is 28 cents lower at $121.10.
Lean hog futures are lower at midday. Outside market pressure and the weak tone in the cash market are weighing on futures. The rally in the dollar and weakness in the stock market has led to broad based commodity selling. Cash markets are lower today as hog supplies are ample and as pork cutouts have turned lower. Pork cutout values were down 62 cents on Monday. December is 58 cents lower at $86.90 and February is 50 cents lower at $89.85.