Corn futures are lower at midday. Profit-taking on the recent rally to six week highs and the sharp jump in the value of the dollar today are weighing on the market. Sluggish export demand and the poor ethanol processing margins are also bearish factors. March is 10 1/2 cents lower at $3.79 and July is 11 1/4 cents lower at $3.99 1/2.



Soybean futures are trading lower at midsession. Strength in the dollar is a bearish factor for soybeans this morning. However, losses are being limited by strong export demand and dry weather conditions in Argentina and southern Brazil. January is 6 1/2 cents lower at $8.63 and March is 7 1/2 cents lower at $8.67.



Wheat futures are lower at midday. The sharp jump in the dollar and sluggish export demand are weighing on the market. However, losses are being limited by forecasts for more cold weather in the Plains and fears that there has been some damage to the winter wheat crop. CBOT March is 8 cents lower at $5.63 1/2, KCBT March is 8 1/2 cents lower at $5.82 and MGE March is 6 cents lower at $6.25.



Cattle futures are trading lower at midsession. The market is being pressured by disappointment over cash trade developing at $84 in Kansas and at $132-$133 dressed in Nebraska this week. The $2.59 cent drop in choice cutouts yesterday is also bearish. However, losses are being limited by traders positioning for the Cattle on Feed report due out after the close. February is 50 cents lower at $85.20 and April is 35 cents lower at $88.03.



Lean hog futures are lower at midday. The premium of futures to the cash market and strength in the rally in the dollar are bearish factors. Strength in the dollar is negative for pork exports. However, front end losses are being limited by the $1.49 jump in pork cutouts yesterday. February is 35 cents lower at $62.13 and April is 20 cents lower at $69.45.