Corn futures are trading lower at midday. The market is being pressured by USDA raising their 2008/09 ending stocks estimate to 1.77 billion bushels, which was above trade expectations. USDA also bumped 2009/10 ending stocks up to 1.55 billion bushels. The new-crop increase was 460 million above June, but was slightly less than expected. Strength in the dollar and weakness in crude oil are also bearish factors. September is 9 1/4 cents lower at $3.20 1/4 and December is 9 3/4 cents lower at $3.30 1/4.



Soybean futures are strongly lower at midsession. The slightly bearish USDA Supply/Demand report, bearish outside market and nearly ideal crop growing conditions are pressuring prices. USDA left 2008/09 ending stocks unchanged at 110 million bushels, but raised new-crop to 250 million from the June estimate of 210 million bushels. August is 25 cents lower at $10.22 1/2 and November is 20 3/4 cents lower at $9.03.



Wheat futures are lower at midday. Strength in the dollar and weakness in equities along with a neutral to slightly bearish Supply/Demand report is pressuring prices. USDA raised their 2009/10 ending stocks projection to 706 million bushels, which was up 59 million from last month but only slightly above trade expectations. All wheat production is projected to be 2.112 billion bushels, up 96 million from last month but near trade expectations. CBOT Sep is 5 1/4 cents lower at $5.17, KCBT Sep is 4 1/2 cents lower at $5.47 and MGE Sep is 5 cents lower at $6.02 1/2.



Cattle futures are trading lower at midsession. Weaker cash cattle trade so far this week and outside markets are bearish factors. Equities are trading lower while the dollar is higher. Choice boxed beef prices were down 93 cents on Thursday, hitting the lowest level since April 8. August is 25 cents lower at $83.23 and October is 45 cents lower at $88.38.



Lean hog futures are mostly higher at midday. The sharp jump in pork cutouts yesterday of $2.38 and some firm cash bids are supporting futures, although gains in the futures market are being limited by profit-taking following the recent bounce. August is 50 cents higher at $64.20 and October is 18 cents higher at $59.15.