Corn futures are trading slightly lower at midday. Activity is limited ahead of the USDA Production report, but rain in the Corn Belt is weighing lightly on prices. Moderate temperatures and rainfall in much of the Corn Belt should help earfill. Strong weekly export sales are helping to limit losses. September is 1/2 cent lower at $2.39 1/4 and December is 1/2 cent lower at $2.56 1/4.

Soybean futures are lower at midsession. Rainfall over much of the Midwest including Iowa and Illinois are pressuring prices. However, losses are being limited by traders positioning ahead of the Crop Production report due out Friday morning. Better than expected weekly export sales are helping to limit weakness. September is 1 1/4 cents lower at $5.65 1/4 and November is 1 1/2 cents lower at $5.78 1/2.

Wheat futures are trading lower at midday. Forecasts for improved moisture in the Plains and spillover weakness from corn and soybeans are weighing on the market. However, market activity is being limited by positioning ahead of the USDA reports due out tomorrow morning. CBOT Sep is 1 3/4 cents lower at $3.86 1/4, KCBT Sep is 1 cent lower at $4.70 1/2, and MGE Sep is 2 1/2 cents lower at $4.69 1/2.

Cattle futures are sharply higher at midsession. The sharp jump in cash cattle trade this week and improved boxed beef prices are supporting the market. Initial gains triggered buy-stops, pushing the August and October contracts to new highs. Cash trade at $85-$86 is up $3-$4 from last week. August is 173 points higher at $88.03 and October is 115 points higher at $91.60.

Lean hog futures are higher at midday, with several months hitting new contract highs. The market is being supported by better than expected cash trade on Wednesday, spillover from cattle, and technical buying. Cash bids are generally steady this morning. October is $1.95 higher at $64.60 and December is $1.08 higher $61.55.