Corn futures are trading lower at midsession. The market is in consolidation mode after rallying to near 6-month highs this week. Strong demand and planting delays remain bullish factors. However after some weekend rainfall, forecasts point to some much needed drier weather in the eastern Corn Belt next week that should help planting progress. July is 3 cents lower at $4.25 1/4 and December is 2 1/4 cents lower at $4.47.

Soybean futures are trading lower at midday. Profit-taking is weighing lightly on the market after hitting 7 1/2 month highs earlier this week. Fundamentals remain supportive as old and new-crop stocks projections remain tight and as export demand remain strong. Soybean planting delays have been a concern, but forecasts show improved planting conditions next week. July is 9 cents lower at $11.38 1/2 and November is 9 3/4 cents lower at $9.82 1/4.

Wheat futures are lower at midsession. Sluggish export demand and large stocks of wheat globally remain bearish factors. Weather in the Plains has been generally favorable for the HRW crop recently, helping alleviate some concerns about the early April freeze in the southern Plains. The MGE is being pulled lower as well despite concern about spring wheat planting delays. CBOT July is 7 3/4 cents lower at $5.85 1/2, KCBT July is 5 3/4 cents lower at $6.38 and MGE July is 7 1/4 cents lower at $7.18 1/2.

Cattle futures are trading mostly higher at midsession. The market is being supported by the active cash trade on Thursday that was up generally $1 from last week at $85. Strength in the stock market is also providing some support. But gains are being limited by concern about beef demand. Boxed beef prices may be near a top as retailers will be completing orders for Memorial Day soon. June is 8 cents higher at $82.88 and August is 18 cents higher at $83.03.

Lean hog futures are mixed at midday. Short-covering following losses the past two sessions helped support futures at times this morning. Cash prices have held strong and pork cutouts were up another 89 cents on Thursday. However, the market has turned mixed on concern that cash markets will soon turn lower as packers finish Memorial Day orders. June is unchanged at $67.00 and October is 3 cents higher at $64.20.