Corn futures are trading lower at midday and have hit new contract lows. USDA's bearish revisions yesterday's continue to pressure prices amid record 2004 production and rising ending stock estimates. Weekly export sales this morning were on the low end of expectations at only 25.9 million bushels. March futures are 1 1/4 cents lower at $1.99 1/4.

Soybean futures are trading lower at midsession following a firm open. The market opened higher on supportive export sales of 39.2 million bushels. However concern about record large December 1 supplies and the outlook for large South American production continues to weigh on prices. March futures are trading 5 1/4 cents lower at $5.28 1/2.

Wheat futures are mixed at midsession. An abundant supply of world wheat is weighing on prices. Some contracts are being supported by USDA's lower than expected winter wheat acreage estimate. CBOT Mar is 2 cents lower at $3.05 1/4, KCBT Mar is 2 1/2 cents higher at $3.42 3/4 and MGE Mar is 1/2 of a cent lower at $3.45 1/2.

Cattle futures are trading lower this morning. Profit-taking from yesterday's gains has pushed prices lower. Cash trade was supportive at mostly $92 in the southern Plains, but most of that was in the futures market yesterday. February is 40 cents lower at $91.65.

Lean hog futures are mixed at midday. Cash markets are mostly steady and pork cutouts have been on the rise. Futures premium to cash and some profit-taking are limited futures. February is trading 20 cents higher at $76.00.