Corn futures are lower at midsession. The market has been choppy but in a fairly tight range. Profit-taking and consolidation of the recent runup is currently weighing on prices. Speculative buying has helped limit recent attempts to push prices lower. December is 4 1/2 cents lower at $3.47 and March is 4 3/4 cents lower at $3.61 1/4.



Soybean futures are trading lower at midday. Soybeans continue to follow the lead of corn although bearish supply/demand fundamentals and spillover weakness from soybean oil are also factors. Soybean oil is being pressured by the recent weakness in crude oil. January is 2 1/2 cents lower at $6.54 and March is 2 3/4 cents lower at $6.66.



Wheat futures are mixed at midsession. Lower corn prices are curbing buying interest, but short-covering following yesterday's weakness has limited losses. Market fundamentals are mixed as global wheat stocks are tight, but demand for U.S. wheat remains slow. CBOT Mar is 1/2 of a cent higher at $4.89 1/2, KCBT Mar is 1 3/4 cents lower at $5.24, and MGE Mar is 1 1/2 cents lower at $5.05.



Cattle futures are trading lower at midday. Profit-taking following gains the past two sessions and position evening ahead of the Cattle on Feed report due out this afternoon are weighing on the market. Cash cattle trade is likely done for the week with prices generally steady to $1 higher. December is 28 cents lower at $87.85 and February is 28 cents lower at $90.48.



Lean hog futures are lower at midsession. The $1.44 drop in pork cutouts on Thursday led to some profit-taking from yesterday's gains. Traders were also nervous about labor issues at a Smithfield packing plant in North Carolina that could lead to reduced hog slaughter and backed up marketings. December is 95 cents lower at $61.10 and February is 53 cents lower at $65.00.