Corn futures are trading lower at midday. The market is being pressured by follow-through technical selling from Friday and generally favorable weather in the Corn Belt. The December contract has traded down to the overnight contract low of $2.37 1/4, but has held that so far today. September is 3 cents lower at $2.21 3/4 and December is 3 1/2 cents lower at $2.38 1/4.



Soybean futures are slightly lower at midsession. Light technical selling is weighing on the market following last Friday's decline to new lows for the move. Crop weather across most of the Midwest is favorable for crop development. Losses are being limited by USDA's smaller than expected carryover projection and with the market near technically oversold levels. September is 1 cents lower at $5.54 1/4 and November is 1 1/2 cents lower at $5.66 3/4.



Wheat futures are lower at midday. Spillover weakness from corn and follow-through selling from Friday's losses are weighing on the market. Reports that Egypt bought U.S. and Canadian wheat over the weekend has failed to support the market. CBOT Sep is 1 3/4 cents lower at $3.72, KCBT Sep is 4 1/4 cents lower at $4.50, and MGE Sep is 5 cents lower at $4.52.



Cattle futures are trading lower at midsession. Profit-taking is weighing on the market after setting new highs in the August and October contract last week. The market is also beginning to gear up for the Cattle on Feed report due out Friday that is expected to show large July placements. August is 48 cents lower at $88.33 and October is 73 cents lower at $91.83.



Lean hog futures are lower at midday. Cash markets are steady to $1 higher this morning. However, traders are concerned that cash bids will not hold up due to poor packer margins and ideas that more hogs may come to market with moderate Midwest temperatures forecast for this week. October is 30 cents lower at $64.20 and December is 38 cents lower at $61.43.