Outside markets pressure ag futures

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Corn futures are strongly lower at midday. Outside markets are dominating the market news today. Global economic concerns and the sharp decline in the stock market are pressuring prices. In addition, crude oil is down sharply and the dollar index is higher. Moderate temperatures in the Corn Belt and chances for rain should help stabilize or improve crop condition ratings this week. September is trading 12 1/2 cents lower at $6.99 and December is 13 cents lower at $7.12 1/2.

Soybean futures are trading solidly lower at midsession. Concern the global economy, sharp losses in the stock market and crude oil and strength in the dollar are weighing on commodity markets. Although not the main driving force today, weather is generally favorable for the crop. Moderate temperatures and chances of rain in the Midwest point to steady or improved crop conditions ratings this week. September is 10 3/4 cents lower at $13.46 and November is 11 cents lower at $13.55 3/4.  

Wheat futures are posting sizable losses at midday. After posting gains the past seven sessions, outside markets have helped trigger profit-taking in the wheat market. The stock market is sharply lower this morning due to global economic concerns and disappointing U.S. economic data. Strength in the dollar index this morning will make U.S. wheat more expensive on the global market. CBOT September is 19 cents lower at $7.08 1/2, KCBT September is 25 cents lower at $7.98 1/4 and MGE September is 21 1/2 cents lower at $8.95 1/4.  

Cattle futures are trading strongly lower at midsession. Sharp losses in the stock market are pressuring cattle trade. Stock fell as part of a broad global selloff amid disappointing U.S. economic news and ongoing debt problems in Europe. Boxed beef prices were up strongly again on Wednesday, but trade volume has slowed. Cash trade has been light so far this week. Early week ideas were for firm cash trade, but weakness in futures could help packers push bids lower. October is $1.73 lower at $115.68 and December is $1.73 lower at $117.40.

Lean hog futures are trading lower at midday. The sharp losses in the stock market and bearish tone in the cash hog market are weighing on futures. The stock market is sharply lower this morning on disappointing U.S. economic news and on continued concerns about debt problems in Europe. However, losses in front end contracts are being limited by the already big discount of futures to the current cash market. October is 35 cents lower at $87.05 and December is 70 cents lower at $83.53.



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