Wheat futures tumble at midday

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Corn futures are trading 1 to 10 cents higher at midsession. Corn futures turned up after trading mixed to mostly lower overnight and early morning. Despite pressure from outside market factors and a firm dollar, the market was able rally as July/December spreads adjusted following market declines in the prior trading session. Tight supplies of old crop corn is lending support to prices as well.

Soybean futures are trading 17 to 22 cents lower at midday. Soybean futures are seeing moderate losses as news that China may look to cancel soybean shipments scheduled for delivery over the next few months as their crushing margins decline. The news also affected the soymeal and soyoil markets adversely, depressing market prices. The economic situation in Europe and the appreciating dollar remain bearish factors for the market.

Wheat futures are trading 7 to 15 cents lower at midday. Wheat futures tumble for the second consecutive day on forecasts of favorable rains in Russia and as traders take profits from last week’s rally in prices. A rising U.S. dollar index along with outside market pressures are weighing on prices as well. Weather continues to be an important factor as hot, dry conditions are still forecasted for the U.S. Midwest and Plains.

Cattle futures are trading $1.30 to $1.60 lower at midsession. Cattle futures are declining after yesterday’s USDA Cold Storage Report showed high beef storages for the second consecutive month. April stocks were reported at 517 million lbs up 3 percent from the previous month. No trade has been reported in the cash market thus far, however, trade is expected to pick up in the latter part of the week with prices anticipated to be steady to lower.

Lean hog futures are trading 60 cents to $1.00 lower at midday. Hogs futures continue to nose-dive as wholesale pork prices struggle. Added pressures from weak demand and higher than expected supplies of frozen pork is also weighing on market prices. Yesterday’s USDA Cold Storage Report showed that frozen pork stocks were up 20 percent at 659 million pounds from the previous year. Trade in the cash market is expected to be steady to mixed.



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