Corn futures are trading lower at midsession. The December contract has made a new low this morning as technical weakness and favorable weather continue to pressure prices. Strong export demand and technically oversold conditions are limiting losses. September is 1/2 cents lower at $2.18 1/2 and December is 3/4 cent lower at $2.34 3/4.

Soybean futures are lower at midday. More rain in the Midwest and favorable weather forecasts for the next couple of weeks continue to weigh on the market as production estimates rise. The market is slipping further into technically oversold territory. September is 4 1/4 cents lower at $5.47 1/4 and November is 4 cents lower at $5.60 1/2.

Wheat futures are trading lower at midsession. The market is being pressured by beneficial rainfall in the Plains and reports that Egypt bought wheat from Canada instead of the U.S. CBOT Sep is 3 cents lower at $3.60 1/2, KCBT Sep is 3 1/2 cents lower at $4.43 1/4, and MGE Sep is 6 3/4 cents lower at $4.40.

Cattle futures are trading lower at midday. Futures are drifting lower as traders wait for the cash market to develop and for this afternoon's Cattle on Feed report. Expectations are for steady to firm cash trade and for the report to show about a 15% jump in July placements compared to last year. October is 50 cents lower at $91.55 and December is 30 cents lower at $90.60.

Lean hog futures are mixed at midsession. Steady to higher cash markets and the higher trend in pork cutout values are supporting front end futures, with the Oct contract hitting a new high for the third consecutive day. Deferreds are slightly lower on profit-taking ahead of the weekend following recent gains. October is $1.03 higher at $66.75 and December is 38 cents higher at $63.00.