Corn futures are lower at midday after a firm open. Profit-taking on the recent rally to five-month highs and weaker cash basis levels are weighing on the market. Despite recent fund buying, current fundamentals are bearish given the large stocks of corn. March is 2 1/4 cents lower at $2.23 and May is 1 1/2 cents lower at $2.33 1/2.

Soybean futures are trading lower at midsession. Technical selling is weighing on the market after a higher open. Selling pressure increased when futures dipped below the 50 and 100-day moving average. Crop conditions in South America are generally favorable at this time. March is 7 3/4 cents lower at $5.87 and May is 8 cents lower at $5.99 1/2.

Wheat futures are higher at midday. The market has traded both sides this morning. Profit-taking has pressured the market at times, but fund buying and concern about dry weather in the Plains continue to be supportive factors. CBOT Mar is 1/4 of a cent higher at $3.56 3/4, KCBT Mar is 5 cents higher at $4.16 1/2, and MGE Mar is 1 cent higher at $4.05 1/2.

Cattle futures are mostly higher at midday. Short-covering has helped pull deferred contracts higher although the February contract is lower on ideas of weaker cash cattle trade this weak. Declining boxed beef prices have pushed packer margins further into the red. February is 18 cents lower at $92.10 and April is 8 cents higher at $89.93.

Lean hog futures are trading higher at midsession. Short-covering and some reports of firm cash bids are supporting the market. Pork cutouts bounced a little higher on Friday, but are still near two-year lows. February is 18 cents higher at $55.20 and April is 33 cents higher at $61.05.