Corn futures are lower at midsession on a technical setback. The market is overbought and due for some profit-taking after rallying to two year highs on Tuesday. The market still needs to work through some seasonal harvest pressure, although activity in the south and eastern Corn Belt has been slowed by rainfall. December is 5 cents lower at $3.16 and March is 3 3/4 cents lower at $3.25 1/2.



Soybean futures are trading slightly higher at midday. Profit-taking from recent gains and weakness in corn and wheat initially weighed on prices. However, the market has moved slightly higher by the correcting of price spread with corn and wheat and delayed harvest activity in parts of the Midwest. November is 3/4 of a cent higher at $6.01 1/4 and January is 1/2 cent higher at $6.15.



Wheat futures are trading lower at midsession. Profit-taking amid overbought conditions are weighing on the market after futures rallied to new highs at the CBOT and KCBT on Tuesday. New fundamental news remains limited. Australia is forecasts to pick up some much needed rainfall, although amounts are expected to be on the light side. CBOIT Dec is 15 cents lower at $5.16, KCBT Dec is 7 cents lower at $5.23 1/2, and MGE Dec is 11 1/4 cents lower at $5.08 1/2.



Cattle futures are trading higher at midday. The market is being supported by the lack of evidence that packers are slowing slaughter despite recent talk that they might. This along with firming beef prices have traders encouraged that the cash market will at least be steady with the $88-$88.50 last week. October is 73 cents higher at $88.65 and December is 80 cents higher at $88.13.



Lean hog futures are lower at midsession. Spillover selling from yesterday and weaker cash markets are weighing on futures. Packers have most needs covered for the week and are lowering bids especially following yesterday's $1.51 drop in pork cutouts. December is 23 cents lower at $59.50 and February is 40 cents lower at $61.85.