Corn futures are trading lower at midday. USDA's supply/demand revisions were bearish this morning. Exports, feed-use, and corn for ethanol numbers were also revised lower. Carryout was raised 160 million bushels to 2.215 billion bushels. May is 1 1/4 cents lower at $2.04 1/4.

Soybean futures are moderately lower at midsession. USDA raised exports 35 million bushels and lower carryover that amount to 375 million. However, the market was looking for a similar number. Spillover pressure from soybean oil has contributed to weakness. May is 9 cents lower at $6.14 1/2.

Wheat futures are trading lower this morning. Carryout was lowered by 12 million bushels to 541 million bushels. However, the increase in world carryover stocks weighed on prices along with spillover from soybeans. CBOT May is 3 cents lower at $3.11 1/4, KCBT May is 3 1/4 cents lower at $3.21 1/2 and MGE May is 3 cents lower at $3.29 1/2.

Cattle futures are higher at midsession. The discount of futures to expected cash trade and spillover from hogs are supporting the market. Cash trade is expected to develop around $90 today. June is 68 cents higher at $84.10.

Lean hog futures are strongly higher at midday. The short-covering rally was triggered by USDA forecasting better pork exports. Also, there is talk of firm cash trade next week. June is 138 points higher at $78.20.