Corn futures are lower at midday. The market is being pressured by profit-taking from the gains on Thursday and on spillover pressure from soybeans. China has reported plans to sell commodities from domestic reserve stocks to fight food inflation. Weakness in crude oil and the dollar index turning higher this morning are also bearish factors. December is 9 1/2 cents lower at $5.32 1/2 and March is 10 cents lower at $5.45 3/4.    


Soybean futures are trading lower at midsession. Profit-taking from the gains on Thursday and China news are weighing on futures. China announced plans to sell soybeans and vegetable oil reserves to ease food price inflation. Some weather is also being attributed to profit-taking ahead of the holiday shortened Thanksgiving week. January is 17 1/4 cents lower at $12.24 3/4 and March is 17 1/4 cents lower at $12.32.   


Wheat futures are higher at midday. Short-covering and weather concerns are supporting wheat trade. Dry weather in the western Plains has hampered winter wheat condition ratings and more dry weather is expected. Much of the crop is expected to enter dormancy in poor condition. Gains are being limited by drier weather in eastern Australia that is aiding wheat harvest there. In addition, losses in corn and soybeans are limiting buying interest. CBOT Dec is 3 1/4 cents higher at $6.48 1/2, KCBT Dec is 3 1/2 cents higher at $7.13 3/4 and MGE Dec is 5 1/4 cents higher at $7.29 1/4.    


Cattle futures are trading slightly higher at midsession. The steady cash market trade this week and positioning ahead of the Cattle on Feed report is supporting futures. Choppy trade is expected the rest of the day. Pre-report estimates for the report are for on-feed supplies to be up 2.8% from last year. October placements are expected to be unchanged and October marketings down 1% versus a year-ago. December is 40 cents higher at $101.20 and February is 30 cents higher at $104.80.


Lean hog futures are trading slightly lower at midday. Weakness in the cash market this week is pressuring prices slightly in limited activity. Pork cutouts were up 24 cents on Thursday and there is some talk that cash markets will stabilize next week. December is 33 cents lower at $68.33 and February is 5 cents lower at $75.75.


Cotton futures are sharply lower at midsession, with the limit 6 cent decline in the December through July 2011 contracts. The decision by China to raise banks reserves to help control inflation has triggered speculative selling in U.S. cotton futures. December is 600 points lower at 127.90 cents and March is 600 points lower at 123.15 cents.