Corn futures are 1/2 to a penny higher at midmorning Wednesday. December futures are 1 cent higher at $3.21 3/4. Firm cash prices seem to be helping support futures. Gulf basis levels are up 2-3 cents on Wednesday as demand for export corn is strong while farmer selling remains generally slow. Chart resistance from $3.34 to $3.35 1/2 remains intact with futures holding within the lower portion of Tuesday's trade.



Soybean futures are mixed. November futures are 1 1/4 cents higher at $6.31 1/2. January is 1 cent higher at $6.45 1/4. Deliveries against November futures remain high at 2,013 contracts. Harvest delays and quality concerns in the eastern Corn Belt are supportive. Some light rain persists in the east, but conditions are expected to improve before light rain returns early next week. The market has also found some support now that month end profit taking has wound down.



Wheat futures are mixed at mid-session. The Chicago December contract is up 3 1/2 cents to $4.86 1/2 while Kansas City December is 3/4 lower to $5.15 1/4. Minneapolis December is trading 1 cent higher at $4.96 1/4. Tight global supplies are supportive, but lagging U.S. export demand remains a concern. Light rain in Australia is expected to be too late to revive the crop.



Cattle futures turned higher at midmorning after trading lower early. December cattle futures are up 22 points to $88.05. Firm beef prices are supportive to futures along with some bottom picking following the sharp break the past few trading sessions. The choice cutout rose .28 to 148.05 Tuesday. No cash trade is expected until late this week.



Lean hog futures are .25 to .50 lower as futures consolidate just below contract highs. December hogs are down .25 to $64.70. Cash hogs are trading steady to $1.00 higher. Wednesdays' slaughter is estimated at 423,000 head. The pork cutout rose .50 to 66.68 Tuesday. Packers remain aggressive buyers even though margins thin or in the red. After the steep gains recently, futures are vulnerable to a correction.