Corn futures are slightly lower at mid morning Thursday pressured by the USDA Supply Demand report. USDA cut the corn export forecast by 50 million bushels to 1.85 billion and raised projected ending stocks by 45 million bushels to 2.055 billion. The May corn futures contract is down 1/4 of a cent at $2.16.

Soybean futures are a couple cents higher Thursday morning finding support from a higher export forecast. USDA cut the Brazilian production forecast to 59 million tons, down 4 million from last month. U.S. exports were boosted by 35 million bushels and projected carryover was cut by 30 million to 410 million bushels. May soybeans are 2 1/2 cents higher at $6.32.

Wheat futures are to 2 to 4 cents lower at mid morning. Larger world stocks and concerns that China will import less wheat next season outweighed a 25 million bushel increase in the USDA export forecast. Chicago May futures are down 3 cents at $3.37 3/4, KC May is down 2 cents at $3.48, and MGE May wheat is 3 1/2 cents lower at $3.58 1/2.

Live cattle futures are lower on profit taking Thursday amid ideas that futures are overbought. Futures surged to new contract highs Wednesday amid reports of $93 to $94 cash cattle. At mid morning, April cattle are 27 points lower at $91.17 and June is down 60 points at $86.90.

Lean hog futures are 100 to 160 points lower Thursday pressured by declining cutout values that have dropped packer margins deeply into the red. Ideas that packers will cut slaughter are weighing heavily on the market. April lean hogs are 160 points lower at $72.97 and June hogs are down 110 points at $79.55.