Corn futures are trading slightly lower at midday. Profit-taking following the surge higher on Thursday is weighing on the market. However, losses are being limited by wet weather forecasts for the Corn Belt which will continue to slow harvest progress. December is 1 cent lower at $2.56 1/4 and March is 1/2 of a cent lower at $2.69 1/2.

Soybean futures are lower at midsession. After rallying to two-week highs on Thursday, profit-taking is weighing on futures. Harvest progress is expected to remain slow in the Midwest as forecasts call for rain. However, underlying fundamentals are bearish with a large crop expected this year and ample old-crop supplies. November is 6 3/4 cents lower at $5.51 1/4 and January is 7 1/4 cents lower at $5.64 1/4.

Wheat futures are trading lower at midday. The market is setting back from yesterday's rally. Beneficial rainfall in the Plains and ideas of increased winter wheat acreage this year are bearish factors. Losses are being limited by bullish global fundamentals and optimism that Iraq will be buying U.S. wheat soon. CBOT Dec is 1 3/4 cents lower at $4.19 3/4, KCBT Dec is 4 1/2 cents lower at $4.79 3/4, and MGE Dec is 4 cents lower at $4.61 1/2.

Cattle futures are lower at midsession. Declining boxed beef prices and ideas of lower cash trade this week are weighing on the market. Losses are being limited by positioning ahead of the Cattle on Feed report due out this afternoon. October is 30 cents lower at $89.45 and December is 25 cents lower at $89.10.

Lean hog futures are strongly lower at midday. A sharp drop in pork cutouts values on Thursday and weaker cash bids today fueled early weakness, with fund and technical selling extending losses. Pork prices are expected to remain under pressure given the rising hog weights and aggressive slaughter schedules. October is $1.00 lower at $62.85 and December is $1.20 lower at $59.95.