Corn futures are trading lower at midday. The market is being pressured by favorable growing conditions across much of the Corn Belt, USDA's increased acreage estimate earlier this week, weakness in crude oil and equities and strength in the dollar. Further losses are being limited by positioning ahead of the extended holiday weekend and strong weekly export sales reported this morning. September is 7 1/2 cents lower at $3.49 and December is 8 1/2 cents lower at $3.74.



Soybean futures are lower at midsession, but losses have been trimmed from earlier in the session. Profit-taking from Wednesday's rally, lower equities and strength in the dollar are all bearish factors. However, losses are being limited by reports of a 24 million bushel export sale to China for the 2009-10 crop year. The recovery from opening losses can also be attributed to positioning ahead of the extended holiday weekend. August is 8 3/4 cents lower at $11.51 3/4 and November is 10 1/2 cents lower at $10.05.



Wheat futures are lower at midday. Seasonal harvest pressure, strength in the dollar and sluggish export demand are weighing on the market. Weekly export sales reported this morning of 8.9 million bushels were below trade expectations. However, losses are being limited by traders evening positions ahead of the three-day holiday weekend and weather forecasts for some harvest delaying rains this weekend and early next week. CBOT Sep is 4 3/4 cents lower at $5.30 3/4, KCBT Sep is 5 3/4 cents lower at $5.67 3/4 and MGE Sep is 5 1/4 cents lower at $6.28 1/4.



Cattle futures are trading lower at midsession. Weakness in boxed beef prices and the stock market are weighing on futures. Demand for beef could stay weak as federal unemployment was estimated at 9.5% this morning, the highest level in 26 years. Choice cutouts were down $1.18 on Wednesday. Traders are still looking for cash trade to be steady to up $1 this week in the southern Plains compared to the $82 last week. August is $1.18 lower at $84.58 and October is down $1.23 at $89.55.



Lean hog futures are lower at midday. The increased unemployment rate and weakness in the stock market encouraged selling in hogs. Pork prices fell another 28 cents on Wednesday as demand remains sluggish. However, losses are being limited by positioning ahead of the extended holiday weekend. August is 45 cents lower at $60.25 and October is 33 cents lower at $56.60.