Corn futures are trading mixed at midsession. Profit-taking from the gains on Thursday, strength in the dollar and weakness in crude oil initially weighed on futures. But old-crop futures have turned higher on the bullish fundamental projections for corn. New-crop is still trading lower as weather forecasts call for generally favorable growing conditions over the next week. July is trading 7 1/2 cents higher at $7.93 while December is 2 1/2 cents lower at $7.11 1/2. 

Soybean futures are lower at midday. The market is being pressured by the bearish USDA supply/demand revisions from Thursday and outside market pressure. USDA increased the 2011/12 ending stocks projection to 190 million bushels, up 30 million from last month. Strength in the dollar and weakness in crude oil futures are also bearish factors for commodity markets. July is 4 3/4 cents lower at $13.89 and November is 5 1/4 cents lower at $13.80. 

Wheat futures are mixed at midsession. The CBOT July contract is higher on spread trade while CBOT deferreds and the KCBT and MGE are lower. Increasing harvest pressure is weighing on the market. There are some reports from the HRW belt that yields are better than expected. Also, USDA raised their winter wheat production estimates in the June estimates compared to May. Outside markets are also a bearish factor as the dollar index is strongly higher this morning while crude oil is sharply lower. CBOT July is 12 1/2 cents higher at $7.57 1/2, KCBT July is 5 1/4 cents lower at $8.66 and MGE July is 10 3/4 cents lower at $10.10. 

Cattle futures are trading strongly lower at midsession. Pre-weekend profit-taking is weighing on futures following gains the previous three sessions. The declining boxed beef prices are a bearish factor. Choice cutouts were down $1.57 on Thursday, hitting the lowest level since March 1. August is $1.45 lower at $103.98 and October is $1.68 lower at $110.20.

Lean hog futures are mixed at midday. News that South Korea is doubling the amount of tariff free pork imports was supportive to front end contracts as the U.S. is the leading pork exporter to South Korea. Strength in the cash market and the $1.83 jump in pork cutouts on Thursday are also supportive factors. Concern about domestic demand is weighing on deferred contracts. July is 43 cents higher at $93.40 while August is 10 cents lower at $92.45.

Cotton futures are trading lower at midsession. Profit-taking from the strong gains on Thursday are weighing on futures. Outside markets are bearish as the stock market is lower while the dollar index is strongly higher this morning. July is 175 points lower at 149.30 cents and December is 84 points lower at 132.15 cents.