Corn futures are lower at midsession. The market is trading lower again as favorable weather conditions continue in the Corn Belt. The cool temperatures and rain will benefit the crop now pollinating and is raising talk of record yields. However, there is also concern about the lateness of the crop and that cool temperatures will leave the crop vulnerable to an early frost. September is 5 3/4 cents lower at $3.05 3/4 and December is 6 cents lower at $3.16.

Soybean futures are higher at midsession. Futures are rebounding slightly from recent losses, led by the nearby August contract. Tight old-crop stocks remains a supportive factor. New-crop has been pulled higher as well, but gains are being limited by generally favorable crop weather and extended forecasts for non-stressful weather conditions as the crop moves into the pod filling stage. August is 2 1/2 cents higher at $10.17 and November is 1/4 of a cent higher at $9.05 1/4.

Wheat futures are trading solidly lower at midday. Ample stocks of wheat globally and slow U.S. exports are weighing on the market. Technical selling is extending the losses as the September contracts have fallen below technical support levels. CBOT September is 20 cents lower at $5.14 1/4, KCBT September is 17 3/4 cents lower at $5.48 and MGE September is 11 3/4 cents lower at $5.88 1/2.

Cattle futures are trading lower at midsession. Profit-taking from the recent rally and fund selling are weighing on futures despite generally supportive cash fundamentals. Boxed beef prices have posted strong gains the past two days. Traders are beginning to gear up for the Cattle on Feed report, which is expected to show the number of cattle on feed as of July 1 at the lowest level in ten years. August is 83 cents lower at $85.20 and October is $1.05 lower at $90.08.

Lean hog futures are lower at midday. The large premium of futures to cash is weighing on the market after some initial support from ideas that Tuesday's losses were overdone. Futures are lower despite the $1.24 bounce in pork cutout values yesterday and ideas of steady to firm cash markets amid tightening supplies of market ready hogs. August is 60 cents lower at $61.90 and October is 90 cents lower at $57.25.