Corn futures are trading lower and are expected to continue lower into the day session. Outside markets are pressuring futures following the steep losses in the Dow on Friday and the currently stronger dollar. Adding to weakness is favorable weather across the Corn Belt over the weekend, which will likely lead to improved crop condition ratings this afternoon. September is 9 cents lower at $3.36 3/4 and December is 9 3/4 cents lower at $3.47 3/4.
Soybean futures are trading lower this morning. Weak outside markets are weighing on commodities. Soybean exports have been strong this year, but we could see the pace of sales to China starting to slow as indicated by the recent decrease in the Baltic Dry Freight Index. Also pressuring prices are the good growing conditions over the weekend with timely rains. August futures are 25 1/4 cents lower at $11.28 3/4 and November is 29 1/2 cents lower at $9.76 1/2.
Wheat futures are trading lower this morning. Seasonal harvest pressure and slow exports are weighing on the market. Some reports in Kansas are showing better-than-expected crops, while others are well off the averages. Crop conditions for spring wheat are expected to increase today. CBOT September is 6 1/2 cents lower at $5.22 1/2, KCBT September is 5 3/4 cents lower at $5.58 1/2 and MGE September is 13 cents lower at $6.09 1/2.
Lean hog futures are called higher following the rebound of the pork carcass value on Thursday. Also supportive are the lower production from last week and Russia's lifting of the ban on swine and pork products from Illinois, Pennsylvania, Texas and New Jersey. Poor processor margins will likely curtail gains.