Corn futures are trading higher at midday. The market is consolidating recent losses. Demand remains strong and farmer selling is slow although weekly export sales of 26.4 million bushels did fall below trade expectations. Harvest activity is expected to quickly expand, but forecasts are calling for cool and wet conditions in the Midwest next week. December is 1 cent higher at $2.38 3/4 and March is 1 1/4 cents higher at $2.53 1/2.



Soybean futures are firm at midsession. Short-covering is supporting the market as futures recover from technically oversold levels. Cash markets are firm and weekly export sales were strong. Weekly commitments of 27.2 million bushels were well above pre-report trade expectations. November is 4 3/4 cents higher at $5.45 1/4 and January is 4 3/4 cents higher at $5.58 3/4.



Wheat futures are steady to higher at midday. Short-covering following recent weakness and spillover strength from corn and soybeans are supportive factors. However, disappointing weekly export sales of only 12.4 million bushels and weather forecasts for beneficial rain in the Plains are limiting buying interest. CBOT Dec is steady at $3.97 1/2, KCBT Dec is 1 cent higher at $4.67, and MGE Dec is 1 1/2 cents higher at $4.46.



Cattle futures are lower at midsession as funds continue to be on the sell side. Boxed beef prices were strongly lower on Wednesday and traders are looking for lower cash bids this week as packers deal with negative margins. October is 63 cents lower at $89.70 and December is 60 cents lower at $89.85.



Lean hog futures are trading lower at midday. Technical and fund selling are pushing prices lower as cash markets are weaker this morning. Packers continue aggressive slaughter schedules. While demand has been strong, pork cutouts were 74 cents lower on Wednesday. October is 53 cents lower at $65.40 and December is 53 cents lower at $63.00.