Corn futures are trading lower at midsession. Profit-taking from the rally to contract highs and the rebound in the dollar are weighing on futures trade. Losses are being limited by positioning ahead of the USDA Crop Production and Supply/Demand reports. Trade estimates ahead of the reports are for production to be down 119 million bushels from October and ending stocks to tighten to 840 million bushels from 902 million last month. December is 2 cents lower at $5.88 and March is 2 1/4 cents lower at $6.01 1/2.  


Soybean futures are higher at midday. Strength in world vegetable oil prices is providing support from the soybeans. Strong export demand is also a supportive for soybeans. The average trade estimate is for USDA to raise the soybean crop in the November Crop Report, but to lower ending stocks due to increased demand. Gains are being limited by strength in the dollar and some profit-taking from the strong gains yesterday. January is 7 1/2 cents at $12.82 1/2 and march 7 1/2 cents higher at $12.90 3/4.    


Wheat futures are higher at midsession. The market has turned higher despite strength in the dollar and weakness in corn. Supportive factors include poor winter wheat condition ratings and mostly dry weather this week in the Plains and Midwest. Positioning ahead of the Supply/Demand report due out on November 9 is supporting trade. CBOT Dec is 6 1/2 cents higher at $7.20 1/4, KCBT Dec is 6 3/4 cents higher at $7.75 3/4 and MGE Dec is 5 1/4 cents higher at $7.90.   


Cattle futures are trading lower at midday. Weakness in the cash market and boxed beef prices this week are weighing on futures. Packer margins are believed to be near breakeven, but there is concern that further weakness in beef could push cash prices lower again next week. December is 25 cents lower at $97.40 and February is 3 cents lower at $101.45.


Lean hog futures are mixed at midsession. Profit-taking from recent gains are weighing lightly on the December contract. But most deferred contracts are higher on optimism that pork prices and the cash market have bottomed for now. The national average cash price is up nearly $4 over the past two days. December is 23 cents lower at $67.40 while February is 43 cents higher at $74.23.


Cotton futures are strongly higher again at midday. Futures have rallied to new record highs on further speculative fund buying. Better than expected employment numbers, strength in China’s cotton prices and strong export demand are supporting the market. December is 185 points higher at 142.30 cents and March is 183 points higher at 138.49 cents.