Corn futures are slightly higher at midday. A short-covering bounce is providing light support after falling to seven month lows on Thursday. However, gains are being limited by favorable crop growing conditions and non-threatening weather forecasts for the next couple of weeks. September is 1 1/4 cents higher at $3.18 and December is 1 3/4 cents higher at $3.27.



Soybean futures are higher at midsession. After falling to 3 1/2 month lows on Thursday, short-covering is supporting the market ahead of the weekend. However, gains are being limited by good crop weather currently and favorable weather forecasts. August is 16 cents higher at $9.92 1/4 and November is 16 3/4 cents higher at $9.06 3/4.



Wheat futures are trading slightly higher at midday after holding in a tight trade range. Light short-covering ahead of the weekend is supporting prices. However, gains are being limited by abundant global wheat supplies, strength in the dollar and sluggish demand for U.S. wheat. CBOT September is 1 1/4 cents higher at $5.34 1/2, KCBT September is 1 1/4 cents higher at $5.60 1/2 and MGE September is 1 3/4 cents higher at $6.16 3/4.



Cattle futures are mostly lower at midsession. Futures opened higher on technical buying and the outlook for smaller cattle supplies, but deferred contracts turned lower on profit-taking from the recent rally. The nearby is finding light support on expectations for steady to $1 higher cash trade this week compared to the $82 trade in the southern Plains last week. August is 25 cents higher at $85.85 while October is 18 cents lower at $91.25.



Lean hog futures are trading lower at midday. Initial gains pushed the October contract to a five-week high before profit-taking pushed futures lower. Since hitting a 6-year low in late June, pork prices have rallied nearly $10. The outlook for tight hog numbers remains supportive, but with futures approaching technically overbought levels, traders are taking profits. August is 85 cents lower at $64.38 and October is 43 cents lower at $60.05.