Corn futures are trading steady to slightly lower at midday. The market was supported early in the session by short-covering and export demand from South Korea this week. Weakness in the dollar index and strength in crude oil futures were also supportive. But futures turned lower with soybeans as forecasts call for more rain in Argentina this weekend. March is 1/4 of a cent lower at $3.66 and May is unchanged at $3.76.

Soybean futures have turned a little lower at midsession. The market was supported most of the morning by strength in the equity markets and the rally in crude oil. But the market slipped lower on improved crop conditions in Argentina and forecasts for more chances of rain this weekend and early next week. March is 1 3/4 cents lower at $9.66 3/4 and May is 2 1/2 cents lower at $9.69.

Wheat futures are higher at midday. Short-covering ahead of the three day weekend for traders is supporting the market following the losses earlier this week. Weakness in the dollar index is also supportive although export news remains limited. CBOT March is 2 1/4 cents higher at $5.41, KCBT March is 2 3/4 cents higher at $5.77 3/4 and MGE March is 3 cents higher at $6.42 1/2.

Cattle futures are trading mostly lower at midsession. Further weakness in beef prices this week are weighing on futures. Choice boxed beef prices fell to a new 4 1/2 year low as the economic recession limits beef demand. Losses are being limited by traders waiting for the cash market to develop. Currently, steady to firm cash bids are expected compared to last week. April is 15 cents lower at $87.35 and June is 10 cents lower at $85.13.

Lean hog futures are lower at midday. Profit-taking on the recent runup ahead of the three day holiday weekend is pressuring prices. The June contract was able to hit three-week highs before turning lower. Cash markets remain firm today as packers fill slaughter needs for an expanded Saturday schedule. April is 25 cents lower at $63.55 and June is 20 cents lower at $76.60.