Corn futures are trading steady to narrowly mixed at midday. Light speculative selling weighed on futures early, but the market is narrowly mixed due to limited news. Technical charts look positive, but large old-crop supplies remain an underlying bearish factor. May is unchanged at $2.39 1/4 and July is 1/4 of cent lower at $2.49.

Soybean futures are mixed at midday. The market is consolidating yesterday's speculative led rally. Fundamentals remain bearish, but technically the market was able to push above several moving averages on Thursday. May is trading 1/2 of a cent higher at $6.04 1/2 and July is 3/4 of a cent higher at $6.15 1/2.

Wheat futures are higher at midsession. The KCBT is leading the gains as new forecasts show rainfall missing the driest areas of the Plains. Gains are being limited by sluggish export demand. India recently bought Australian wheat as U.S. supplies are said to be too expensive. CBOT May is 2 cents higher at $3.82 1/2, KCBT May is 4 3/4 cents higher at $4.44 1/2 and MGE May is 3 cents higher at $4.28 1/2.

Cattle futures are trading lower at midday. Lower cash beef prices and limited cash trade so far this week are weighing on the market. Beef prices are struggling in part due to large supplies of chicken as export demand suffers due to bird flu problems abroad. April is 50 cents lower at $86.30 and June is 52 cents lower at $81.82.

Lean hog futures are mixed at midday. Higher cash markets are helping to support the nearby contract. However, profit-taking and concern that large supplies of competing meat will hamper domestic pork demand are weighing lightly on deferreds. April is 30 cents higher at $62.30 and June is 2 cents lower at $70.80.