Corn futures are trading lower at midsession. The weak technical close yesterday and weekly export sales falling to the low end of expectations weighed on the market. Record global supplies of feed grain continues to be an underlying bearish factor. March is 2 1/2 cents lower at $1.96 1/4.



Soybean futures are moderately lower at midday. Weekly export sales falling to the low end of expectations and good crop weather in South America are pressuring prices. Forecasts call for rain in key South American growing regions. March is 6 1/4 cents lower at $5.16 1/4.



Wheat futures are lower at midday and are setting new contract lows at the CBOT. Global supplies of wheat remain large and competition for sales remains stiff. Weekly export sales fell below pre-report trade expectations. CBOT Mar is down 5 1/2 cents at $2.89 3/4, KCBT Mar is 3 1/4 cents lower at $3.25 3/4 and MGE Mar is 4 3/4 cents lower at $3.35 3/4.



Cattle futures are trading lower at midsession. Lower beef prices and some light cash trade yesterday in Nebraska at $2-$3 lower on a dressed basis compared to last week are pressuring prices. Packer margins are well in the red. February is 43 cents lower at $88.70.



Lean hog futures are lower at midday. Fund selling is pressuring the market due to technical weakness and ideas that cash markets will decline through the end of the week. February is 50 cents lower at $74.08.