Corn futures are trading lower at midday. The approaching harvest and expectations that USDA will raise their production estimate next week are weighing on the market. Losses are being limited by traders beginning to even positions ahead of the September 12 report. December is 1 1/4 cents lower at $2.39 1/2 and March is 1 3/4 cents lower at $2.53 3/4.



Soybean futures are lower at midsession. Most contracts have posted new lows. Bearish fundamentals continue to weigh on the market. Old-crop stocks are large and pre-report estimates for the USDA Production report stand at 3.093 billion bushels, up 165 million from the August report. November is 2 1/4 cents lower at $5.44 1/2 and January is 2 1/4 cents lower at $5.57 1/2.



Wheat futures are trading lower at midsession. Follow-through selling from yesterday's fund led weakness is weighing on the market. Rain in the U.S. western Plains is boosting HRW crop prospects. Rain has also been noted in parts of Australia and Argentina, although significant crop damage has already been noted. CBOT Dec is 3 cents lower at $4.14, KCBT Dec is 2 1/2 cents lower at $4.75, and MGE Dec is 3 3/4 cents lower at $4.59 1/4.



Cattle futures are on the defensive this morning. Profit-taking from the recent runup is weighing on the market. Negative packer margins and talk that cash trade may only be steady this week instead of higher is contributing to the weakness. October is 45 cents lower at $94.00 and December is 55 cents lower at $93.30.



Lean hog futures are lower at midday. The $1.87 drop in pork cutout values on Wednesday has prompted ideas that cash hog prices may head lower. Packer demand has been good this week as daily slaughter has been record high, but there is concern that shrinking margins may limit cash bids in the near-term. October is 73 cents lower at $67.10 and December is 45 cents lower at $64.70.