Corn futures are trading firm at midday. The market is consolidating the recent fall to six-week lows as traders begin to position for Friday's Crop Production report. Weather remains generally favorable with moderate temperatures and chances of rain expected into next week. September is 1 3/4 cents higher at $2.37 1/2 and December is 1 1/2 cents higher at $2.54 1/2.



Soybean futures are trading slightly higher at midsession. The market is making a short-covering bounce after dipping to four-month lows on Tuesday. Futures are technically oversold and traders are beginning to even positions ahead of the USDA Production report. Weather conditions are generally favorable with moderate temperatures and scattered Midwest rainfall. September is 2 1/2 cents higher at $5.65 and November is 2 1/4 cents higher at $5.78 1/2.



Wheat futures are mixed at midsession. Light technical buying is supporting the market after the KCBT slipped below support on Tuesday. The winter wheat markets have also been helped by the firm trade in the corn and soybean pits. CBOT Sep is 2 1/2 cents higher at $3.86 1/2, KCBT Sep is 1 1/4 cents higher at $4.71 and MGE Sep is 1/4 of a cent lower at $4.71.



Cattle futures are trading mixed at midday. Front end contracts are higher due to ideas of firm cash trade this week and recent strength in boxed beef prices. Weakness in the deferred contracts is being attributed to commercial selling and some hedge activity. August is 60 cents higher at $85.95 and October is 33 cents higher at $90.25.



Lean hog futures are lower at midsession. Some lower cash market bids and yesterday's drop in pork cutouts are weighing on the market. Hog marketings have increased in some areas due to moderating temperatures. Demand has not been able to keep up with the increased pork supplies this week. August is 53 cents lower at $70.90 and October is 50 cents lower at $63.00.