Corn futures are trading 3 to 7 cents lower at midday. Corn prices furthered declined as pressure from outside markets and news that Brazil raised their corn output estimates to 67.79 million tonnes; up from last month’s estimates of 65.90 million tonnes. Yesterday’s USDA’s crop progress report indicated that new crop corn was 72 percent good to excellent despite recent bouts with hot dry conditions.
Soybean futures are trading 7 to 17 cents higher midday. Market prices are holding steady despite weakness in corn and wheat markets. Prices are seeing support as Brazil has lowered its soybean crop estimate again due to drought damage. Monday’s crop progress report for soy showed soybean conditions as 65 percent good to excellent, this was below analyst expectations of 69 percent good to excellent.
Wheat futures are trading 2 to 11 cents lower at midday. Wheat futures decline on bearish fundamentals and renewed pressure from outside markets. The rise in the dollar index is also keeping wheat futures in check. Winter wheat harvest is currently underway and progressing quickly as USDA reported the crop as 20 percent complete, weighing on KCBT prices.
Cattle futures are trading mixed at midday. Another day of choppy trade for the cattle market. Prices are trading both sides of the market as traders remain concerned about outside market pressure. Higher wholesale beef prices and expected steady trade in the cash market are providing the market with support.
Lean hog futures are trading mixed at midday. Hog futures are trading mixed after opening the session lower on profit taking. However, support from higher wholesale pork prices and stronger demand should limit losses. Prices are encouraged as trade in the cash market is expected to be steady to higher.