Corn futures are trading lower at midday after a firm open. Weekly export sales showed strong demand for corn at nearly 80 million bushels of new-crop commitments, although 13.7 million was switched from old-crop. Rally attempts are being limited by the approaching harvest. September is 3/4 of a cent lower at $2.27 3/4 and December is 1 cent lower at $2.43 3/4.



Soybean futures are lower at midsession. The market is giving back some of yesterday's gains as fundamentals remain bearish. Futures are trending lower as old-crop stocks are large and production estimates for the current crop are rising. Stronger than expected weekly export sales have been unable to support prices. September is 3 1/4 cents lower at $5.38 3/4 and November is 3 1/2 cents lower at $5.52 1/4.



Wheat futures are trading lower at midday. Gains posted on Wednesday are being consolidated this morning. Tight global wheat stocks and export tenders from India and Iraq remain underlying supportive factors. Weekly export sales were within expectations, but are relatively sluggish for this time of year. CBOT Sep is 1 cent lower at $3.96 1/2, KCBT Sep is 2 3/4 cents lower at $4.67, and MGE Sep is 1 3/4 cents lower at $4.48.



Cattle futures are trading slightly lower at midsession. The market is setting back slightly after several contracts hit new highs yesterday. Traders are waiting for the cash market to develop for direction. Firm trade is expected this week as packers are maintaining aggressive slaughter schedules and showlists are smaller. October is unchanged at $92.93 and December is 5 cents lower at $92.85.



Lean hog futures are lower at midday. Profit-taking from the recent rally and the sharp drop in pork cutouts are weighing on futures. Most packers have needs covered for the week and cash markets are generally steady to lower. October is 35 cents lower at $66.25 and December is 40 cents lower at $63.50.