Corn futures are trading lower at midsession. Weekend rainfall and forecasts showing more chances of rain this week and more moderate temperatures than had been expected are weighing on futures. Conditions for the ear filling stage look improved this morning than was forecast late last week. September is 5 cents lower at $2.40 and December is 5 1/4 cents lower at $2.57.



Soybean futures are strongly lower at midday. Rain over the weekend will greatly benefit the soybean crop. While amounts were modest, more chances of rain exist and temperature forecasts have moderated for this week. Weather remains the main factor, but traders will begin to look forward to USDA's Production report due out on Friday morning. September is 14 1/2 cents lower at $5.67 1/2 and November is 15 1/4 cents lower at $5.81 3/4.



Wheat futures are lower at midsession. Technical selling and spillover weakness from corn and soybeans are weighing on the market. Generally favorable spring wheat harvest weather is a bearish fundamental input. CBOT Sep is 3 cents lower at $3.93, KCBT Sep is 2 cents lower at $4.84, and MGE Sep is 1 1/4 cents lower at $4.81.



Cattle futures are trading higher at midday. Stronger than expected cash markets on Friday and spillover momentum are supportive factors. Packer margins have improved with the recent strength in boxed beef values. The arrival of U.S. beef in Japan is also a positive factor. August is 40 cents higher at $85.23 and October is 40 cents higher at $89.90.



Lean hog futures are higher at midsession. Cash markets are generally firm this morning despite a few plants taking a floating holiday. Strength in pork cutout prices last week and reports of current hog marketings are helping to rally futures. August is $1 higher at $70.98 and October is $1.30 higher at $62.95.