Corn futures are slightly higher at midsession, but have backed off the opening highs. Recent warm weather may be hampering ear fill in much of the Corn Belt and primarily the western crop belt, but forecasts calling for good chances of rain and cooler weather by midweek is limiting buying interest. September is 1/2 cent higher at $2.37 3/4 and December is 1 1/4 cents higher at $2.54 3/4.

Soybean futures are slightly lower at midday. After a higher open, the market has sold off. Hot Midwest weather was initially supportive, but that was short-lived as forecasts are calling for some rain and cooler temperatures this week. Central and eastern regions that have recently received rains should continue with favorable crop conditions. August is 1/2 cent lower at $5.76 and November is 1 cent lower at $5.97.

Wheat futures are trading higher at midsession. The market has bounced slightly from recent weakness. Declining world wheat stocks are a supportive factor. However, gains are being limited by the advancing spring wheat harvest. CBOT Sep is 4 1/2 cents higher at $3.93, KCBT Sep is 4 1/2 cents higher at $4.88 1/2, and MGE Sep is 4 cents higher at $4.82.

Cattle futures are trading lower at midday. Futures premium to cash and concern that the very warm weekend slowed beef sales are weighing on the market. Packers are a little short-bought and they may need to be more aggressive in the cash market, but negative margins will likely limit higher bids this week. August is 35 cents lower at $83.00 and October is 15 cents lower at $88.00.

Lean hog futures are trading higher at midsession with the December through August 2007 contracts hitting new highs. Hot weather is limiting marketings and cash bids are firm this morning. Nearby gains are being limited by futures premium to cash and ideas that backed up hogs will be marketed later this week. August is 10 cents higher at $68.75 and October is 60 cents higher at $62.05.