Corn futures are trading lower at midsession. The market is consolidating the recent rally that pushed prices to the highest level in two-years on Monday. Increasing harvest activity of what is expected to be the second largest crop on record is limiting buying interest. December is 1 3/4 cents lower at $2.62 1/4 and March is 2 cents lower at $2.76.



Soybean futures are trading slightly lower at midday. The lower market trend continues despite some favorable export news. USDA announced the sale of 116,000 tonnes of soybeans to China. Rally attempts are expected to be hard to come by in the near term as harvest activity is expanding and with early harvest reports showing good yields. November is 1/4 of a cent lower at $5.42 1/4 and January is 1 cent lower at $5.56 1/4.



Wheat futures are higher at midday. The CBOT is leading the way and is helping to pull the KCBT/MGE higher. News that Egypt bought 115,000 tonnes of U.S. SRW and Iraq bought another 100,000 tonnes of HRW are supporting the futures market. CBOT Dec is 4 1/2 cents higher at $4.44, KCBT Dec is 1/4 cent higher at $4.92, and MGE Dec is 1 cent higher at $4.71.



Cattle futures are trading mixed at midday. Ideas that yesterday's losses were overdone and talk that cash trade this week will be higher offered support on the open. However, buying interest is being limited by concern about poor packer margins. October is 15 cents lower at $90.50 and December is 10 cents lower at $89.35.



Lean hog futures are higher at midsession. Support is coming from firm cash markets as packers need hogs for this week's slaughter. Packer margins remain positive, but have been trimmed recently. Pork cutouts values were 69 cents lower on Tuesday. October is 40 cents higher at $64.90 and December is 63 cents higher at $61.38.