Corn futures are mixed at midsession after trading lower most of the morning. Traders are consolidating the recent rally despite supportive USDA numbers. USDA pegged production at 10.745 billion bushels, down 160 million from last month. Weekly export sales were very strong at 75.9 million bushels versus trade expectations ranging from 31-39 million. December is 1/2 cent higher at $3.58 1/4 and March is unchanged at $3.73 1/2.

Soybean futures are trading lower at midday. Following the lead of corn, profit-taking on recent strength has weighed on the market. USDA pegged the crop at 3.204 billion bushels, up 15 million bushels from last month but around 30 million below trade expectations. Weekly export sales were strong at 28.2 million bushels, beating the high end of pre-report estimates. November is 4 1/4 cents lower at $6.62 and January is 4 cents lower at $6.74.

Wheat futures are lower at midday. USDA left the U.S. supply/demand balance sheet unchanged, but prices are being pressured slightly by the early weakness in corn. USDA trimmed world wheat ending stocks by 470,000 tonnes due to a lowered Australian production number. U.S. weekly export sales of 21.0 million bushels were within pre-report trade estimates. CBOT Dec is 5 cents lower at $4.99, KCBT Dec is 4 cents lower at $5.27 1/2, and MGE Dec is 4 1/4 cents lower at $5.10.

Cattle futures are trading mostly higher at midsession. The market opened lower on reaction to the weak cash markets on Wednesday afternoon, with trade in the south at $86 compared to $89 last week. However, lower corn prices this morning led to a round of fund buying in feeder and live cattle futures. December is 40 cents higher at $85.85. February is 5 cents lower at $89.15. November feeder cattle are 20 cents higher at $99.15.

Lean hog futures are lower at midday. Weakness in the cash market and pork cutouts values are weighing on the market. Demand for pork is expected to remain sluggish ahead of Thanksgiving. Packer margins have turned negative and there is concern that they will slow slaughter. December is 60 cents lower at $64.70 and February is 70 cents lower at $67.95.