Corn futures are trading steady to lower at midday. Light profit-taking on the gains posted on Wednesday and disappointing weekly export sales are weighing on the market. Losses are being limited by strength in outside markets such as crude oil and gold and concern about wet conditions this spring slowing planting progress in the Midwest. May is 1 1/2 cents lower at $4.08 1/4 and December is unchanged at $4.09 1/2.



Soybean futures are higher at midsession. Strength in outside markets and strong weekly export sales are supporting the market. Soybeans have been able to gain on corn as the crops battle for acreage this spring. Gains are being limited by expanding harvest progress in Brazil. May is 3 1/4 cents higher at $7.69 3/4 and November is 2 1/2 cents higher at $8.13 1/4.



Wheat futures are lower at midsession. The market is posting a small setback following the gains on Wednesday. Beneficial rainfall in the Plains will help hard red winter wheat prospects. Weekly export sales were within trade expectations, but failed to generate any buying interest. CBOT May is 3/4 of a cent lower at $4.64 3/4, KCBT May is 3/4 of a cent lower at $4.86, and MGE May is 1/4 of a cent lower at $5.05.



Cattle futures are trading slightly lower at midday. Futures opened higher on technical buying after the market reversed off of lows yesterday. However, the lack of cash trade so far this week and the strong losses in boxed beef prices yesterday have pushed prices a little lower. April is 8 cents lower at $97.65 and June is 20 cents lower at $94.73.



Lean hog futures are higher at midsession. Short-covering is supporting the market this morning. Traders were encouraged by the $1.70 jump in pork cutouts on Wednesday. Market action could be limited today as traders wait for the Cold Storage report due out this afternoon. April is 23 cents higher at $63.60 and June is 65 cents higher at $74.20.