Corn futures are trading slightly higher at midday. Weather forecasts show several chances of rain over the next few weeks, which could slow harvest progress. The crop was 9% harvested as of Sunday, down 1% from last year and the 5-year average. Gains are being limited by resistance just above the market at $2.50 on the December contract. December is 3/4 of a cent higher at $2.48 1/2 and March is 1/4 of a cent higher at $2.61 3/4.



Soybean futures have traded mixed this morning, but are lower at midsession. Concern about possible frost damage in the upper Midwest and cool, wet weather that is slowing early harvest activity provided light early support. However, the market turned lower as fundamentals remain bearish with large old-crop stocks and ideas of a big crop yet to be harvested. November is 2 cents lower at $5.51 and January is 1 3/4 cents lower at $5.64.



Wheat futures are sharply higher at midday. The market is finding support from world crop concerns as Australia and Argentina's production estimates are being lowered. The fundamental support triggered technical strength and more fund buying once prices pushed above technical resistance. CBOT Dec is 11 cents higher at $4.06 1/2, KCBT Dec is 11 cents higher at $4.77, and MGE Dec is 12 cents higher at $4.55 1/2.



Cattle futures are trading lower at midsession. Declining boxed beef prices and ideas that Friday's Cattle on Feed report will show large feedlot supplies and August placements prompted some weakness. Cash markets are still expected to be near steady this week with packers maintaining aggressive slaughter while showlists are generally smaller. October is 60 cents lower at $90.30 and December is 43 cents lower at $90.68.



Lean hog futures are higher at midday. Short-covering following recent weakness and the discount of futures to the cash market is providing support. Despite the futures gains, cash markets are lower today following weaker pork cutout values the past four business days. October is 35 cents lower at $65.05 and December is 48 cents lower at $62.15.