Corn futures are trading down the 30 cent daily limit at midday. USDA's acreage estimate released this morning of 87 million acres is up 2 million from March planting intentions and is 3 million above the average trade estimate. In addition, quarterly corn stocks of 4.266 billion bushels were up nearly 100 million bushels from the average pre-report trade estimate. September is 30 cents lower at $3.54 1/2 and December is 30 cents lower at $3.67 1/4.

Soybean futures are lower at midsession. Weakness in corn has weighed on the soybean market despite generally neutral estimates from USDA. The soybean acreage estimate of 77.5 million bushels is 1.5 million above March planting intentions, but is down about 800,000 from the average trade estimate. Quarterly stocks of 597 million bushels were 12 million above trade expectations, but still indicate very tight old-crop ending stocks. August is 9 1/4 cents lower at $11.12 3/4 and November is 21 cents lower at $9.62 1/2.

Wheat futures are strongly lower at midday. Spillover pressure from corn and the larger than expected wheat acreage estimates from USDA this morning are pressuring prices. All wheat acreage was estimated at 59.8 million acres, up from the average trade estimate of 58.3 million. Spring wheat acreage was pegged at 13.8 million acres, up 500,000 from trade expectations. CBOT Sep is 14 1/2 cents lower at $5.43 1/2, KCBT Sep is 17 1/4 cents lower at $5.74 3/4 and MGE Sep is 15 1/4 cents lower at $6.41 1/4.

Cattle futures are trading mostly lower at midsession. Most contracts are correcting from the sharp gains on Monday, although August is still higher. Strength in the boxed beef prices and ideas of $1 higher cash cattle trade is supporting front end contracts. Deferreds are being pressured in large part due to weakness in corn, which is trading down the daily limit. August is 20 cents higher at $85.60 while October is 50 cents lower at $89.90.

Lean hog futures are mixed at midday. Steady to higher cash markets and the 49 cent jump in pork cutouts were supportive for front end contracts. Deferreds are trading lower with sharp losses in 2010 contracts due to ideas that herd liquidation is not big enough to keep pork supplies from outweighing demand. The limit losses in corn today are also weighing on deferreds. August is $1.58 higher at $60.20 while April 2010 is down $1.33 at $65.15.