Corn futures are trading lower at midday. The market is drifting lower again. Light support was provided early by strength in crude oil and the stock market, but as those markets turned lower so did corn. Concern about the economy has weighed heavily on commodities as funds move to investments that are currently being viewed as more safe. May is 1 3/4 cents lower at $3.48 1/2 and July is 1 3/4 cents lower at $3.57 3/4.



Soybean futures are mixed at midsession. Light strength in crude oil and short-covering has helped front end contracts turn higher. However, deferreds remain mostly on the defensive as the stock market has turned weaker again and as the global economy remains a very big concern. May is 7 3/4 cents higher at $8.51 3/4 while November is 6 cents lower at $7.87.



Wheat futures are trading mostly lower at midday. The bearish tone has continued today amid the pessimism over the global economy. In addition, the Australian Bureau of Agricultural and Resource Economics released a forecast for the 2009/10 wheat crop at 22.1 million tonnes, up from 21.4 million in 2008/09. CBOT May is 5 1/2 cents lower at $5.00 1/2, KCBT May is 2 1/2 cents lower at $5.44 1/2 and MGE May is 5 cents lower at $5.90 1/4.



Cattle futures are trading higher at midsession. Short-covering and light buying interest had been driven by the early small bounce in the stock market. Strength in the boxed beef market is supportive as choice beef prices were up $1.30 and select cuts were up 86 cents on Monday. But gains have been limited by stocks turning lower at midday. April is 25 cents higher at $84.20 and June is 30 cents higher at $82.50.



Lean hog futures are mostly higher at midday. Strength in the cash market and the small rebound in the stock market and crude oil early in the session provided support. Buying interest continues to be limited by concern about the economy and the stock market turning lower. Packer margins are near breakeven, but strength in the cash market and lower pork cutouts yesterday hurt margins. April is 38 cents higher at $60.65 and June is 23 cents higher at $71.70.