Corn futures are lower at midsession. Follow-through technical selling following yesterday's losses is weighing on the market. However, losses are being limited by continued weather stress in Argentina and spillover strength from soybeans. Export demand remains sluggish although weekly export inspections improved to 26.7 million from 22.1 million reported last week. March is 3 cents lower at $3.80 3/4 and May is 4 cents lower at $3.90 3/4.



Soybean futures are trading higher at midday. Continued weather problems in Argentina are supporting the market and technical buying helped extend the gains once the March contract pushed above $10. However, futures have pulled back from the highs this morning. Ideas of increased U.S. acreage in 2009 are an underlying bearish factor. March is 11 1/4 cents higher at $10.03 3/4 and May is 10 cents higher at $10.11.



Wheat futures are mostly higher at midsession. News that Egypt bought 60,000 tonnes of U.S. wheat helped push prices higher although gains are being limited by the otherwise slow pace of exports. Weekly export inspections were only 6.9 million bushels compared to 20.2 million the previous week. The dollar index has been trending higher, but is easing slightly this morning. CBOT March is 8 3/4 cents higher at $5.58 3/4, KCBT March is 4 1/4 cents higher at $5.84 while MGE March is 1 cent lower at $6.28 1/2.



Cattle futures are trading mixed at midsession. The market has traded higher at times this morning on support from short-covering and strength in the beef market. However, concern about demand and the struggling economy is limiting gains. The February contract hit the lowest level in six weeks this morning. February is 13 cents higher at $82.75 and April is 15 cents higher at $85.50.



Lean hog futures are lower at midday. Technical selling is pressuring prices after the February contract hit a new low in the overnight session. Steady to weak cash bids are also weighing on futures. Warmer weather is allowing for increased marketings this week and packer margins remain poor. Pork cutouts were up 33 cents yesterday, but the poor economy remains a concern regarding demand for pork. February is 73 cents lower at $59.00 and April is 60 cents lower at $65.10.