Corn futures are trading firm at midday. Firm basis levels and forecasts for more wet weather in the Midwest that will slow harvest progress are supporting the market. The cool weather is not expected to cause much damage in the upper Midwest due to frost, but crop maturity has been slowed. December is 2 cents higher at $2.48 1/2 and March is 1 3/4 cents higher at $2.62.



Soybean futures are higher at midsession. The market has been choppy, but has found support from cool and wet weather that is slowing crop maturity and early season harvest activity. Gains are being limited by bearish supply fundamentals including large production estimates and old-crop stocks. November is 3 1/4 cents higher at $5.47 1/2 and January is 3 1/4 cents higher at $5.60 1/2.



Wheat futures are trading mixed at midday. The KCBT is lower on some light profit-taking from yesterday's strong rally. However, support is being generated from generally bullish fundamentals with the crop problems in Australia and Argentina and optimism that Iraq will buy some U.S. wheat soon. CBOT Dec is 3 1/4 cents higher at $4.12 1/4, KCBT Dec is 1 1/4 cents lower at $4.79 1/2, and MGE Dec is 1/2 cent higher at $4.57.



Cattle futures are lower at midday. Fund and technical selling are weighing on the market along with continued weakness in boxed beef prices. Cash trade is expected to hold near last week's $88.50, but traders will be watching cash business for direction. Bearish expectations for Friday's Cattle on Feed report are adding to the weakness. October is 88 cents lower at $89.25 and December is $1.20 lower at $89.08.



Lean hog futures are trading lower at midsession. Lower pork cutout values and cash hog bids this morning are providing fundamental pressure despite futures discount to the lean hog index. Fund and technical selling have extended losses. October is $1.03 lower at $63.90 and December is 80 cents lower at $61.33.