Corn futures are 2 to 3 cents lower at midmorning. December is 3 1/4 cents lower at $3.35. China reported export shipments in September at only 6.8 thousand tons. Western areas should make good harvest progress this week, while wet soils may delay progress in the east. Harvest progress to be released this PM is expected to be the low 60% area. Key resistance at $3.35 1/2 December futures remains intact and momentum indicators are overbought.



Soybean futures are 3- 4 cents higher at midmorning. January beans are 4 cents higher at $6.53. Futures rallied to new contact highs early, but pulled back a bit. Some month end profit taking may be limiting gains, but much stronger than expected weekly export inspections, at 48.6 million bushels, is providing underlying support.



Wheat futures are steady to 5 cents lower. Wheat trade is volatile with futures failing to capitalize on positive export news last week choosing instead to focus on improved soil moisture across the Plains. Weekly export inspections came in below expectations at 11.7 million bushels. Technical selling is also noted. Chicago December wheat is down 6 cents at $5.02 1/2. KCBT December is 4 3/4 cents lower at $5.26 and the MGE December is 1 cent lower at $5.07.



Cattle futures are 10 to 50 points lower. Cattle were firm early in response to strong cash prices late last week, but speculative selling pressure increased prompting a setback. Cash trade was firm Friday, up $2 to $3 while beef prices eased. December cattle are down .42 at $88.85.



Lean hog futures are steady to slightly higher with steady cash and higher pork prices providing support to futures. Dec futures are trading 5 points higher $64.80, just below the next key resistance point at the September high of $65.60.