Corn futures are trading lower at midday. Profit-taking that began yesterday after posting contract highs continued today with spillover pressure from wheat. Weekly export sales of 32.3 million bushels were at the low end of trade expectations. December is 2 3/4 cents lower at $3.24 1/4 and March is 2 3/4 cents lower at $3.36 1/2.



Soybean futures are higher at midsession. The market is firm despite weakness in corn and wheat. Soybean oil is helping to support prices following a bullish soybean oil stocks estimate in the Census monthly crush report. November is 5 1/4 cents higher at $6.27 1/4 and January is 6 cents higher at $6.41 1/2.

Wheat futures are trading lower at midday. Profit-taking from the recent setback is weighing on the market after yesterday's reversal from early highs. Tight global wheat stocks remain an underlying supportive factor, but U.S. sales marketing year-to-date are currently 20% below a year-ago. CBOT Dec is 5 3/4 cents lower at $5.11, KCBT is 10 cents lower at $5.25 1/2, and MGE Dec is 4 1/2 cents lower at $5.09.



Cattle futures are trading higher at midsession. Spillover support from lean hogs and ideas of higher cash cattle trade this week has prompted the rally. Packer margins are positive although boxed beef prices did ease lower on Wednesday. October is $1.25 higher at $90.65 and December is $1.68 higher at $90.25.



Lean hog futures are sharply higher at midday. Higher cash hog prices led to fund buying, which pushed deferred contracts to new highs. Packer margins remain favorable and are improved following the $2.20 jump in cutouts yesterday. Packer demand for hogs remains strong to fill near capacity slaughter schedules. December is $2.63 higher at $64.10 and February is $1.70 higher at $66.15.