Corn futures are trading 9 cents lower at midsession. Traders continue to focus on declining production and yield estimates due to lack of fresh news surrounding the market. Analysts’ believe the market is taking a breather as traders/investors square their positions before next Wednesday’s September WASDE report. Over the recent weeks there has been much speculation that USDA would cut production and yield estimates further.

Soybean futures are trading 13 to 15 cents lower at midsession. Pressured primarily by non commercial long liquidation and profit taking, soybean futures are trading well off of record highs posted yesterday. Soyoil and meal are trading lower as well, with soymeal prices as much as $6 lower. Weakness in the crude oil market is also pressuring soybean futures. However, strongly bullish supply/demand fundamentals will continue to underpin the market.

Wheat futures are trading 11 to 13 cents lower at midsession. The wheat market is becoming more bearish and the weeks go by and with no spillover support from the other grain markets, futures are extending their losses at midday. Recent rains in key HRW wheat growing are pressuring prices at CBOT and KCBT as fears of moisture depleted fields disseminate. Prices are also down as demand for U.S. wheat remains sluggish.

Live cattle futures are trading higher at midsession. The spark in wholesale beef prices is helping to boost cattle futures higher at midday. Currently prices are about 12 to 27 cents higher. Closing beef prices were reported up 83 cents for choice and $1.23 cents higher for select. The drawback in the grain complex is lending additional support to futures as well. Cash trade remains quiet although not unexpected due to the short week, but prices are expected to be steady to higher this week as packers look to secure post holiday needs.

Lean hog futures are mixed at midsession. Nearby contracts are up at midday supported by seasonal expectations for higher cash prices the first several weeks of September and declining grain prices. However, lackluster demand for pork and the tumbling pork cutout values will continue to pressure futures, limiting any upside momentum.

Cotton futures are trading lower at midsession. Market prices were slightly higher earlier this morning, showing some signs of rebounding from yesterday’s lows but have now slumped lower. Traders expect the market to trade sideways the majority of today’s session as the markets prepare for next week’s WASDE report and overall bearish fundamental weigh on prices.