Corn futures are trading lower at midday. The market is being pressured by profit-taking on the recent rally to six-week highs and spillover pressure from losses in crude oil. Weekly export sales of 24.1 million bushels were within trade expectations, but commitments remain below the pace needed to reach USDA's recently revised lower export forecast of 1.8 billion. March is 4 3/4 cents lower at $3.84 3/4 and July is 5 1/4 cents lower at $4.05 3/4.



Soybean futures are lower at midsession. Weakness in crude oil is pulling soybean prices lower despite strong weekly export sales and continued dryness in Argentina. Weekly export sales of 33.1 million bushels were above trade expectations and show continued strong demand from China. Hot and dry weather in Argentina is stressing the newly planted soybean crop. January is 3 cents lower at $8.61 and March is 4 1/2 cents lower at $8.64 1/2.



Wheat futures are narrowly mixed at midday. Short-covering has provided some support as cold temperatures in the Plains could be damaging the winter wheat crop. But losses in corn and soybeans along with weekly export sales, which at 9.6 million bushels came in at the low end of pre-report trade estimates, have limited gains and pushed some contracts lower. CBOT March is 1 1/4 cents higher at $5.58 3/4, KCBT March is 1/2 of a cent lower at $5.77 3/4 and MGE Mar is 1/2 of a cent lower at $6.18 1/2.



Cattle futures are trading strongly lower at midsession. The market is being pressured by profit-taking on recent gains and futures trading near the high end of cash market expectations. Traders are beginning to gear up for the Cattle on Feed report, which is due out on Friday afternoon. February is $1.35 lower at $85.53 and April is $1.35 lower at $88.10.



Lean hog futures are mixed at midday. Weakness in the cash market and the 65 cent drop in pork cutouts on Wednesday are bearish factors. However, losses are being limited by forecasts for more wintry weather that will disrupt marketings. Recent weakness in the dollar has been a supportive factor for pork exports. February is 18 cents lower at $62.45 and April is 13 cents higher at $69.60.