Corn futures are trading higher at midday. The market is bouncing from technically oversold conditions despite earlier ideas of lower trade today. Export demand remains strong, but the market's focus has recently been on rising production prospects. September is 3 1/4 cents higher at $2.22 3/4 and December is 3 1/4 cents higher at $2.39 1/4.



Soybean futures are higher at midsession. The gains are being attributed to a technical bounce from previously oversold levels. However, rally attempts are expected to remain limited due to improving crop condition ratings and favorable Midwest weather forecasts for the next few weeks. September is 3 1/4 cents higher at $5.52 1/2 and November is 4 1/2 cents higher at $5.66 3/4.



Wheat futures are trading higher at midday. After the strong break on Tuesday, futures are rebounding. Rainfall in the Plains remains a bearish factor. However, positive U.S. and world fundamentals should offer underlying support to the market following recent losses. CBOT Sep is 6 3/4 cents higher at $3.66 1/2, KCBT Sep is 4 1/2 cents higher at $4.51, and MGE Sep is 1 cent higher at $4.39 1/2.



Cattle futures are slightly lower at midsession. Declining boxed beef prices and larger than expected frozen beef in storage as of the end of July are weighing on the market. Expectations of steady to firm cash trade are helping to limit losses, but most traders are taking a wait and see approach. October is 30 cents lower at $91.13 and December is 13 cents lower at $90.35.



Lean hog futures are lower at midday. Light profit-taking is weighing on futures. Some fundamental weakness is being seen from the Cold Storage report released yesterday afternoon that showed end of July stocks of pork above trade expectations. Losses are being limited by firm cash trade again today and the almost $1 gain in pork cutouts yesterday. October is 30 cents lower at $66.70 and December is down 43 cents at $63.00.