Corn futures are trading lower at midday. USDA's ending stocks estimate for the 2005-06 crop year of 2.426 billion bushels was above trade expectations. Production in 2005 of 11.112 billion bushels was over 40 million above pre-report estimates. March is 3 1/2 cents lower at $2.11 and May is 3 1/2 cents lower at $2.20 1/2.



Soybean futures are lower at midsession, but early losses have been trimmed. USDA raised their ending stock estimate to 505 million bushels, up 100 million from December and nearly 50 million above the average trade estimate. Reports of export business with China are helping limit losses. March is 10 cents lower at $5.74 1/2 and May is down 9 3/4 cents at $5.84.



Wheat futures are trading slightly higher at midday. Initial weakness is being attributed to spillover weakness from corn and soybeans. The market has turned higher on support from USDA's winter wheat seedings number of 41.367 million acres, down over 1 million from trade expectations. CBOT Mar is 3/4 of a cent higher at $3.31 1/4, KCBT Mar is 4 1/2 cents higher at $3.79 1/2 and MGE Mar is 4 cents higher at $3.90 1/2.



Cattle futures are higher at midsession. The market is rebounding from yesterday's losses on support from some $94-$95 cash trade. That is steady to firm with last week. Boxed beef prices were firm on Wednesday. February is 68 cents higher at $94.90 and April is 43 cents higher at $93.53.



Lean hog futures are trading mixed at midday. Lower cash markets and talk that packers may slow slaughter are negative factors. However, the sharp drop the past two sessions has prompted some short-covering. February is 38 cents lower at $60.30 and April is 45 cents higher at $65.25.