Corn futures are trading lower at midday. The market has slipped to new lows for the move on speculative selling. Rainfall in the Corn Belt over the next several days should help replenish depleted soil moisture. USDA is expected to lower the ending stocks estimate on Friday, but 2005-06 carryover will remain large. May is 1 3/4 cents lower at $2.28 3/4 and December is 1 cent lower at $2.56 3/4.



Soybean futures are lower at midsession. Follow-through technical selling and bearish fundamentals are weighing on the market. New-crop prospects are improving as rain in the Midwest is expected to help recharge soil moisture levels. May is 5 cents lower at $5.85 and November is 4 1/2 cents lower at $6.09 1/2.



Wheat futures opened near steady, but are trading higher at midday. A firm tone at the KCBT is leading the way. Hard red winter wheat conditions are very poor in the central and southern Plains. Forecasts now show the majority of rain over the next few days on the eastern edge of the HRW belt. CBOT May is 2 1/2 cents higher at $3.73, KCBT May is 3 1/4 cents higher at $4.42, and MGE May is 2 cents higher at $4.26 3/4.



Cattle futures are lower at midday, slipping to new lows for the move. Ideas of a decline in cash prices this week and generally lower beef prices are weighing on the market. Technical selling remains a factor although conditions are becoming very oversold. April is 47 cents lower at $84.30 and June is 77 cents lower at $79.60.



Lean hog futures are trading lower again this morning. Cash bids are being pressured by ample supplies of marketings and packers have most needs covered for the week. Technically the market is weak although resistance sits just below the market on the June contract. April is 55 cents lower at $58.85 and June is 85 cents lower at $67.80.