Corn futures are trading lower at midday. The market is setting back from recent gains ahead of the holiday weekend as harvest is approaching. Strong demand and uncertainty about the size of this year's crop will remain underlying supportive factors. July is 1 3/4 cents lower at $2.30 1/4 and December is 2 1/4 cents lower at $2.45 3/4.



Soybean futures are lower at midsession. Favorable weather and rising production estimates are weighing on the market despite technically oversold conditions. Position evening ahead of the 3-day weekend could keep futures choppy into the close. September is 1 3/4 cents lower at $5.40 1/2 and November is 2 cents lower at $5.53 3/4.



Wheat futures are lower at midsession. Profit-taking following recent gains are weighing on the market ahead of the 3-day holiday weekend. Rainfall in the Plains is helping to recharge soil moisture levels ahead of winter wheat seeding. CBOT Dec is 4 3/4 cents lower at $4.17 1/2, KCBT Dec is 6 3/4 cents lower at $4.85 1/2, and MGE Dec is 5 1/4 cents lower at $4.68.



Cattle futures are trading higher at midday. Futures are being supported by the surge in cash trade again this week. The cash market developed late on Thursday and this morning at $90-$90.50, up $2-$3 from last week. The market remains technically strong, although it is in overbought territory. October is 35 cents higher at $93.48 and December is 25 cents higher at $93.00.



Lean hog futures are higher at midsession. Spillover support from cattle and firm technicals are supporting the market. Several 2007 contracts posted new highs this morning. Demand for hogs remains firm and cash markets have stabilized as packers are keeping aggressive slaughter schedules ahead of Labor Day shutdowns. October is 10 cents higher at $67.00 and December is 55 cents higher at $64.25.