Corn futures are lower at midday. Some much needed rainfall is falling in the western Corn Belt along with temporary relief from the recent heat wave. This weather system will move across the Corn Belt by midweek. However, losses are being limited by extended forecasts for more warm and dry weather to return to the western Corn Belt by the weekend. September is 1 cent lower at $2.38 and December is 1 1/4 cents lower at $2.54 3/4.

Soybean futures are trading lower at midday. The less than expected drop in crop condition ratings and relief from the heat in the western crop belt along with some rain has weighed on the market. The soybean crop is rated 53% good to excellent compared to 54% last week and 54% at this time last year. August is 6 cents lower at $5.73 1/2 and November is 5 1/4 cents lower at $5.94 1/2.

Wheat futures are lower at midsession. Profit-taking from the gains posted on Monday is weighing on the market. Spring wheat harvest and some concern about export demand are weighing on the market. Spring wheat harvest was 22% complete as of Sunday, well above the 5-year average of 6%. CBOT Sep is 4 1/4 cents lower at $3.93 1/4, KCBT Sep is 7 1/4 cents lower at $4.85 1/2, and MGE Sep is 9 cents lower at $4.77.

Cattle futures are trading lower at midday. Weakness is being attributed to some ideas that packers will slow slaughter rather than raise bids this week. Beef prices posted good gains yesterday, but packer margins remain poor. Also, the warm weather in much of the U.S. has likely slowed demand for beef. August is 18 cents lower at $83.55 and October is 15 cents lower at $88.55.

Lean hog futures are slightly lower at midsession. Cash prices are generally $1 to $2 higher due to reduced marketings. However, futures are being pressured by technical selling following recent strength and concerns that hogs backed up due to the heat will come to market later this week. August is 13 cents lower at $68.43 and October is 15 cents lower at $88.55.