Corn futures are trading mixed at midday. The market is choppy as traders mark time ahead of the Prospective Plantings report. Wet Midwest weather is providing light support for new-crop futures on ideas that planting may be delayed. May is 1 1/2 cents lower at $4.08 and December is 2 1/2 cents higher at $4.12.

Soybean futures are lower at midsession. The market is setting back slightly from yesterday's rally. Bearish old-crop fundamentals have helped encourage profit-taking. Record crops are being harvested in Brazil and Argentina, which will soon displace U.S. soybeans on the world market. May is 1/2 of a cent lower at $7.71 1/4 and November is 1 cent lower at $8.14 1/4.

Wheat futures are trading lower at midday, but remain caught within the recent trading range. Favorable growing conditions in the U.S. Plains and projections for a large world wheat crop are weighing on the market. CBOT May is 2 cents lower at $4.65, KCBT May is 1 cent lower at $4.86, and MGE May is 1 1/4 cents lower at $5.04 1/2.

Cattle futures are trading lower at midsession. Negative packer margins and sharp losses in boxed beef prices the past couple of days are weighing on the market. Positioning ahead of the Cattle on Feed report due out after the close is helping to limit losses. April is 20 cents lower at $98.20 and June is 33 cents lower at $95.03.

Lean hog futures are lower at midday. Packer margins are positive, but the $1.79 drop in cutouts on Thursday is weighing on futures. Hog supplies and slaughter running above earlier projections is bearish for futures. April is 40 cents lower at $63.40 and June is 38 cents lower at $73.95.